Mumbai (Maharashtra) [India], September 21 (ANI): The Indian stock market's benchmark Sensex slipped 263 points on Wednesday ahead of the US Federal Reserve's monetary policy outcome.

The 30 stock SP BSE Sensex closed 262.96 points or 0.44 per cent down at 59,456.78 points against its previous day's close at 59,719.74 points.

Earlier, the Sensex started the day in the red at 59,504.14 points and slumped to a low of 59,275.40 points in the intra-day.

The Sensex briefly turned positive during the day touching a high of 59,799.04 points in the intra-day.

The benchmark indices have closed in the red after two consecutive sessions of gains. The Sensex had gained 578.51 points or 0.98 per cent on Tuesday.

The broader Nifty 50 of the National Stock Exchange slumped 97.90 points or 0.55 per cent to 17,718.35 points against its previous day's close at 17,816.25 points.

The Nifty closed in the red for the first time in three sessions. The Nifty had jumped 194 points or 1.1 per cent on Tuesday.

Stock markets across the world are volatile ahead of the US Federal Reserve's decision on policy rates. The Federal Reserve is largely expected to hike the policy rate by 75 basis points or 0.75 per cent.

IT, infra and bankingfinancial stocks slumped. IndusInd Bank slumped 3.19 per cent to Rs 1223.90. UltraTech Cement dipped 2.40 per cent to Rs 6320.70. Power Grid Corporation slipped 2.64 per cent to Rs 226.40. TCS slumped 1.30 per cent to Rs 3001.75.

LT, NTPC, HCL Technologies, Dr Reddy's Laboratories, Bharti Airtel, Tata Steel, Sun Pharma and Asian Paints were among the major Sensex losers.

Only eight of the 30 scrips that are part of the benchmark Sensex closed in the positive. Hindustan Unilever jumped 1.60 per cent to Rs 2623.90.

Reliance Industries Limited jumped 0.29 per cent to Rs 2509.25.

ITC, Bajaj Finance, Tech Mahindra, MahindraMahindra, Nestle India and HDFC Bank were among the Sensex gainers. (ANI)