Indian equity benchmarks NSE Nifty 50 and BSE Sensex witnessed an all-round fall, and ended lower. Headline indices slipped up to one percent. Loses in financial and oil, gas shares pulled the headline indices lower. Broader market indices Midcap 100 and Smallcap 100 ended 1.1 and nearly one percent lower respectively.

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NSE

The Sensex lost 700 points or 1.1 percent to 60,593.6, before ending at 60,657.4. The Nifty50 moved within a range of 18,020.6 - 18,243 in intraday trade before ending one percent lower at nearly at 18,043. Nifty Metal fell 144.2 points or 2.1 percent to close at 6,705.8. All NSE sectoral indices ended in the red.

A total of 43 stocks in the Nifty50 basket finished in the red, with JSW Steel, Hindalco, Coal India, Tata Steel and ONGC being the top losers.

AB Capital, SAIL, Yes Bank, Trent and Torrent Power led the Nifty Midcap index lower.

On the other hand, Divi's Labs, Maruti, HDFC Life and Eicher Motors were the top Nifty 50 gainers.

"The domestic market affected by the worries in the global market, traded with deep cuts. Fears over aggressive rate hikes resurfaced ahead of the release of Fed meeting minutes, a meeting that left the door open for additional hikes. Apart from global cues, the domestic market will pay close attention to corporate earnings. India’s services PMI expanded to 58.5 in December owing to stronger growth in new business," said Vinod Nair, Head of Research at Geojit Financial Services.

Overall market breadth favoured the decline at the close, as 1,221 stocks rose while 2,276 fell on BSE.

Rupee ended eight paise higher from its previous close at 82.80 vs dollar. The rupee slipped to lowest closing since October 19 on Tuesday.

Global markets

European markets rose on Wednesday, as investors globally await FOMC minutes. Stoxx 600 index was last trading one percent higher.

S&P 500 futures were up 0.3 percent, suggesting a positive start ahead on Wall Street. 2022 marked the worst year for Wall Street since 2008.

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