The domestic market on Wednesday retreated from a two-month high tracking weak global cues ahead of the crucial two-day meeting of the US Federal Open Market Committee, which is scheduled to begin later in the day.
The S&P BSE Sensex ended the day 108 points, or 0.4 per cent, lower at 27,253 while the 50-stock barometer Nifty50 closed with losses of 27 points, or 0.33 per cent, at 8,233. Lupin and ONGC were top losers on the BSE benchmark.
"Our US economists believe the FOMC will neither hike rate nor give any strong signal about the future path of policy on October 28. That said, we still expect the first hike in December. The focus on global risks and the recent easing by other central banks reduce those risks and support a hike. Noting that slower growth or lower inflation would be dovish, but suggesting these are likely transitory would be seen as hawkish," foreign brokerage BoFA-ML said in a note.
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