Mumbai, Nov 3 (IANS): Weak global cues triggered foreign fund outflows as well as profit booking subdued both the key indices - S&P BSE Sensex and NSE Nifty50 - of India's equity market on Wednesday.

Initially, the market opened higher, however, low volumes as well as negative Asian cues triggered a fall.

Even after a light recovery, both the indices closed on a negative-to-flat no te.

Globally, most Asian markets fell on Wednesday as investors await the US Federal Reserve's (Fed) expected asset purchase tapering announcement due later in the day.

Besides, risk appetite in Chinese stocks soured as daily new Covid-19 infections in China hit a three-month high on Wednesday.

Further, the trajectory of European stock markets' edged lower via cautious trading ahead of a much anticipated Federal Reserve meeting, which could see the start of the winding down of pandemic-era monetary stimulus in the world's largest economy.

On the domestic front, realty and capital goods indices rose the most whereas consumer durables, banks, auto, and telecom lost the most.

Furthermore, a gauge of India's services sector grew at the fastest pace since July 2011.

The India Services Business Activity Index, compiled by IHS Markit, stood at 58.4 (index reading) in October compared with 55.2 in September.

The 30-scrip Sensex closed at 59,771.92 points, down 257.14 points or 0.43 per cent.

Besides, the NSE Nifty50 ended the day's trade at 17,829.20 points, lower by 59.75 points or 0.33 per cent.

"Nifty did not recover after the fall seen on the previous day and t he advance decline ratio declined," said HDFC Securities' Retail Research Head Deepak Jasani.

"18,012 on the Nifty remains a resistance while 17,613-17,697 is the crucial support band."

Motilal Oswal Financial Services' Head of Retail Research Siddhartha Khemka: "Equity market opened positive and after sideways movement in the initial half, it again witnessed profit booking, finally ending the session in red."

"Markets witnessed volatility in the second half given weekly F&O expiry and weak global cues ahead of US Fed MPC outcome. On the domestic front, Services PMI data came in better than expectation."

Geojit Financial Services' Head of Research Vinod Nair said: "After a sideways movement post its positive opening, the indices took a downturn as major global indices traded weak ahead of the Fed policy announcement."

"The Federal Reserve is widely expected to announce the tapering of its asset purchase programme in the near-term while any hint on interest rate reversal is keeping investors on the edge. Any indications showing a faster rate of tapering will have a negative effect on the equity market. Or else, we can ex pect a reversal from this weak trend."