Mumbai: The markets fell on Wednesday, tracking Asian peers, as investors waited for minutes of a policy meet by the central bank to gauge the direction of interest rates in the months ahead. The minutes are likely to delve into details of interest rates, with a high likelihood that more members softened their inflation outlook, said DBS Group Research in a note. The broader NSE Nifty was down 0.37% at 9,618.25, while the benchmark BSE Sensex was 0.25% lower at 31,219.12.
Oil explorers fell after global oil prices hit seven-month lows, with Oil and Natural Gas Corp. falling as much as 2.54% and Oil India down as much as 1.91%. Airlines stocks, however, rose on expectations of lower jet fuel prices, with Spicejet Ltd and Jet Airways up about 2.5%, and InterGlobe Aviation, parent of IndiGo Air, climbing 1.6%. Plummeting oil prices put Asian investors on edge, overshadowing a decision by US index provider MSCI to add mainland Chinese stocks to its global emerging markets benchmark index. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.8%.
Market was at a loss for direction for the second day on Wednesday as the Sensex moved in a tight range and ended with a negative bias due to sustained capital outflows amid subdued global cues. In contrast, broader markets -- small-cap and mid-cap indices -- ran up. The Sensex ended lower by 13.89 points, or 0.04%, at 31,283.64.
The gauge had lost 14.04 points in the previous session. The NSE Nifty closed at 9,633.60, down 19.90 points, or 0.21%. It moved between 9,608.60 and 9,650.45.
Airlines stocks jumped on expectations of lower jet fuel prices. SpiceJet and Jet Airways went up by 4.03% and 2.99%, respectively, while InterGlobe Aviation, the parent of IndiGo, climbed 1.51%.
With PTI input