Key benchmark indices edged lower in early trade on negative Asian stocks. At 9:23 IST, the barometer index, the S&P BSE Sensex, was down 135.13 points or 0.5% at 27,118.31. The 50-unit CNX Nifty was down 31.40 points or 0.38% at 8,201.50. The losses for the Sensex were higher in percentage terms than those for the Nifty.
The market breadth indicating the overall health of the market was positive. On BSE, 571 shares rose and 467 shares fell. A total of 49 shares were unchanged. The BSE Mid-Cap index was off 0.16%. The BSE Small-Cap index was off 0.03%. The fall in both these indices was lower than the Sensex's decline in percentage terms.
In overseas markets, Asian markets declined ahead of a policy statement from the US Federal Reserve later in the global day today, 28 October 2015. US stocks slipped for a second consecutive day yesterday, 27 October 2015 due to combination of slumping oil prices, soft economic data and mixed earnings. The Fed's two-day policy meeting began yesterday, 27 October 2015. Investors are bracing for whether the central bank will hint at a December hike in interest rates. The Fed has held its benchmark short-term interest rate near zero since December 2008.
Axis Bank (down 6.22%), ICICI Bank (down 1.6%) and Lupin (down 1.11%) edged lower from the Sensex pack.
Ambuja Cements fell 1% ahead of its Q3 September 2015 result today, 28 October 2015.
Wipro rose 0.22%. Wipro before market hours today, 28 October 2015, announced that it has won a five-year IT contract from Coop Norge Handel AS (Coop Norge), a leading retailer in Norway. As part of the agreement, Wipro will transform Coop Norge's enterprise SAP software landscape and upgrade the company's data center infrastructure, geared towards achieving superior performance.
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