Sensex, Nifty volatile ahead of FOMC decision; Reliance leads

Benchmark indices continued to be choppy in late morning trade, with the Nifty hovering around 9600 level ahead of Federal Open Market Committee’s interest rate decision.

The 30-share BSE Sensex was down 4.97 points at 31,098.52 and the 50-share NSE Nifty fell 13 points to 9,593.90. About 1,278 shares declined against 1,000 advancing shares on the BSE.

Ahead of the FOMC meet, economists and traders expect the central bank to raise rates. As per the CME Group’s FedWatch Tool, nearly 100 percent of traders believe that the US Fed will announce an increase in interest rates tonight.

Reliance Industries was top gainer among Sensex stocks, up 2.6 percent followed by ICICI Bank, TCS, Tata Motors, Dr Reddy’s Labs and L&T while HDFC, ITC, Asian Paints and Wipro were down 1-2 percent.

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Posted in: Indian Market Tips