Sensex, Nifty Edge Lower On Subdued Global Cues; Metals Underperform

The Indian equity benchmarks edged lower on Wednesday taking cues from subdued trading in other Asian markets. The Sensex declined as much as 165 points and Nifty 50 index slipped below its important psychological level of 15,850. Asian shares were subdued on Wednesday with investors wary of any hint of hawkishness from the U.S. Federal Reserve given lofty asset valuations rely so heavily on an endless supply of super-cheap money.

As of 9:24 am, the Sensex was down 81 points and Nifty 50 index declined 23 points to 15,846.

MSCI’s broadest index of Asia-Pacific shares outside Japan barely moved, while Chinese blue chips dipped 0.3 per cent.

Japan’s Nikkei eased 0.2 per cent, but South Korean stocks rose 0.6 per cent to a record high after five months of effort.

Back home, eight of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Metal index’s 0.6 per cent fall.