Benchmark Indices Nifty 50 and Sensex fell on Wednesday as IT stocks declined, with investors booking profits ahead of the Federal Reserve’s interest rate decision.

The US Federal Reserve is expected to cut interest rates after its two-day meeting, but the exact reduction, either 25 or 50 basis points, remains unclear.

After hitting record highs, both Nifty and Sensex trimmed gains. Sensex dropped 131.43 points to close at 82,948.23, and Nifty fell 41 points to end at 25,377.55, while the Nifty Midcap 100 index lost 427.90 points, closing at 59,752.85.

IT stocks were major laggards today, with the sub-index recording the biggest single-day fall since 5th August.

Nifty Financials outperformed, with Nifty Bank gaining 561.75 points to close at 52,750.40.

Mphasis and Biocon were top losers in the midcap space, marking the index’s second straight day of declines.

Reliance Power and Reliance Infrastructure surged up to 20% after news of multiple debt settlements.

Bajaj Finance gained over 3.5% after Morgan Stanley kept an ‘Overweight’ rating with a target price of Rs 9,000 per share, while Bajaj Housing Finance dropped nearly 5%, ending its two-day rally post-listing.

ICICI Bank hit a record high, with its market capitalisation exceeding Rs 9 lakh crore for the first time. Fertiliser stocks rose up to 7% after a nutrient-based subsidy was approved. Torrent Power climbed 8% following a hydro storage project announcement.

Nazara Technologies rose nearly 2% on reports of possible fundraising plans worth Rs 800 crore. The market breadth remained negative, with a 1:2 advance-decline ratio.

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