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Indian shares declined on Wednesday, led by heavyweight financial stocks, ahead of the Federal Reserve’s policy decision, with investors cautious that the U.S. central bank could signal fewer rate cuts ahead.

The Nifty 50 closed 0.56% lower at 24,198.85 points, while the BSE Sensex fell 0.62% to 80,182.2.

The benchmarks have lost over 2% so far this week, with foreign outflows prompting the Nifty 50 to close below its 50-day moving average for the second straight session on Wednesday.

Ten of the 13 major sectoral indexes fell on the day, with financials down 1.23%. The more domestically-focussed small and midcaps dipped 0.9% and 0.6%, respectively.

While it is near-certain that the Fed will deliver a quarter-point rate cut later on Wednesday, investors are jittery about its 2025 rate outlook amid sticky inflation and a relatively strong economy.

Indian equity benchmarks slip as Fed rate trajectory worries hit IT stocks

“Foreign investors are contending with the possibility that in 2025 the Fed may not need to cut rates as aggressively as anticipated earlier this year,” Abhishek Goenka, founder of IFA Global said.

U.S. rate cuts typically help emerging market assets, such as Indian equities, as they boost foreign inflows.

Foreign investors offloaded Indian stocks worth about 64.1 billion rupees ($755 million) on a net basis on Tuesday. Data for Wednesday will be released after markets close.

On Wednesday, Nifty 50 heavyweights HDFC Bank and ICICI Bank shed 1.2% and 1.5%, respectively, and were the biggest drags on the index.

Adani Green Energy fell 3.3%. It has lost about 5% since Reuters reported on Tuesday that a deal at the heart of bribery allegations against Adani executives was approved against the advice of Indian officials.

Defying wider declines, online payments firm MobiKwik soared 89% and budget retailer Vishal Mega Mart jumped 44% in their trading debuts.

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