Markets drop from highs, US Fed minutes take focus

Mumbai: The stock market dropped by a few notches after a positive start on Wednesday as the flagship Sensex traded with modest gains amid higher Asian cues.

Asian markets remained buoyant after US stocks scaled fresh peaks overnight. Capital push brought in more investors, who are waiting today for the release of the minutes of US Federal Reserve policy meeting.

The 30-share BSE index was up 61.97 points, or 0.19 per cent, at 33,540.32.

The broader NSE Nifty traded flat at 10,330.60.

Tata Motors soared by 1.86 per cent. Adani Ports, Bajaj Auto and HDFC were other gainers.

Notable losers include Dr Reddy’s, down 1.24 per cent, Bharti Airtel 0.79 per cent and Sun Pharma (0.57 per cent).

Foreign portfolio investors (FPIs) sold shares worth a net Rs 727.01 crore on Tuesday, as per provisional data.

Domestic institutional investors (DIIs) bought equities worth a net Rs 825.50 crore.

Asian markets joined a global rally as strong world growth and rising corporate profits lured hordes of investors into equities.

US stock indices ended at record on Tuesday on another round of strong earnings, with technology leading the way.