At 09:27 IST, the barometer index, the S&P BSE Sensex, was down 137.61 points or 0.22% to 62,540.30. The Nifty 50 index lost 45.45 points or 0.24% to 18,614.85.
In the broader market, the S&P BSE Mid-Cap index rose 0.02% while the S&P BSE Small-Cap index gained 0.33%.
The market breadth was strong. On the BSE, 1,767 shares rose and 812 shares fell. A total of 113 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 372.16 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 926.45 crore in the Indian equity market on 14 December, provisional data showed.
Stocks in Spotlight:
Wipro declined 0.31%. Capco, a Wipro company, will offer strategic management and technology consulting capabilities to financial services firms in the Middle East to enable their transformation, digitization and business consolidation initiatives.
NTPC rose 0.35%. The company said that it has successfully commissioned second part capacity of 67.73 MW out of 230 MW Ettayapuram Solar PV Project at Tamil Nadu, is declared on Commercial Operation with effect from 15 December 2022.
SBI rose 0.63%. The Central Board of the bank accorded approval for raising capital by way of issuance of Basel III compliant debt instrument in INR and / or any other convertible currency, upto FY24 by raising fresh Additional Tier 1 (AT1) Capital up to an amount of Rs. 10,000 crore.
Global markets:
Asian stocks are trading lower after the U.S. Federal Reserve raised its benchmark interest rate by 50 basis points to the highest level in 15 years. China's annual Central Economic Work Conference will reportedly be held behind doors for two days until Friday.
China's industrial production for November grew 2.2%, after seeing a growth of 5% in October, according to official data. Retail sales fell 5.9% on an annualized basis, further than a fall of 0.5% the previous month.
US stocks snapped a 2-day winning streak following the decision after Fed Chair Jerome Powell signaled more data was needed before the central bank would meaningfully change its view on inflation.
It will take substantially more evidence to have confidence that inflation is on a sustained downward path, Powell said during his post-meeting news conference. However, Powell said inflation remains a problem. Price pressures remain evident across a broad range of goods and services, Powell added.
The Federal Reserve reinforced its inflation fight Wednesday by raising its key interest rate for the seventh time this year and signalling more hikes to come. The Fed boosted its benchmark rate a half-point to a range of 4.25% to 4.5%, its highest level in 15 years. The policymakers also forecast that their key short-term rate will reach a range of 5% to 5.25% by the end of 2023.
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