PTI Mumbai

Equity benchmark indices Sensex and Nifty ended marginally lower in a volatile session on Wednesday, as investors stayed on the sidelines ahead of the earnings season amid lower economic growth projections.

Besides, a depreciating rupee and persistent foreign fund outflows also dented sentiments. However, buying in bellwether stocks TCS and Reliance Industries managed to restrict a steep decline in markets, traders said. 

The 30-share BSE benchmark Sensex fell 50.62 points to settle at 78,148.49. The NSE Nifty skidded 18.95 points or 0.08 per cent to 23,688.95.

"IT stocks to be in focus as Tata Consultancy Services is set to kick-start the Q3 earning season with its results tomorrow. While revenue for the IT giant is expected to remain impacted by furloughs, client-specific challenges are likely to normalize in 3Q.

Its EBIT margin may improve, driven by talent development, training, and operational efficiency. Rising crude prices led to buying interest in upstream oil & gas companies. "US markets will remain shut on Thursday on account of the National Day holiday.

We expect Indian markets to remain range-bound with stock/sector-specific action on the back of upcoming Q3 results," Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.