Benchmark indices opened on a flat note on Wednesday ahead of the outcome of two-day US Federal Reserve meet where Fed Chair Janet Yellen is expected to announce a 25 basis points rate hike, the second in four months.
The BSE benchmark Sensex was trading 11 points higher at 29,453. The NSE barometer Nifty50 was ruling at 9085.10, down 2 points, or 0.03 per Cent.
“The market to a large extent has gestated the Federal Reserve hike and associated commentary, which can point out to 2-3 hikes happening in the coming fiscal though a short-term momentum towards dollar denominated/backed assets is not ruled out,” said Mayuresh Joshi, Fund Manager at Angel Broking.The BSE Midcap and the BSE Smallcap indices were up 0.30 per cent each.
Among Sensex stocks, Sun PharmaBSE 0.79 % climbed 1.09 per cent to Rs 716 after said that US FDA on Monday lifted the import alert imposed on the company’s Mohali manufacturing facility and remove the facility from the Official Action Initiated (OAI) status.
Reliance Industries, CiplaBSE 0.73 % and Adani Ports advanced up to 1 per cent. Losers included Bharti AirtelBSE -0.54 %, which was down 1 per cent at Rs 357.10. ICICI BankBSE -0.30 %, InfosysBSE -1.46 % and TCSBSE -1.50 % fell up to 0.65 per cent.
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