Sensex, Nifty End Marginally Lower Ahead Of Fed Decision

Nifty hits record high in morning trade, Sensex surges 191 points

Sensex was up by over 82 points or 0.25% at 32,484.96 while the wider Nifty was up by 19 points or 0.19% at 10,166.55.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

The 30-share index finally settled down 1.86 points, or 0.01 per cent, at 32,400.51.

"Markets ended marginally lower on Wednesday as the Nifty continued to consolidate".

According to market observers, caution ahead of the US Federal Open Market Committee policy meet outcome Wednesday evening (India time), along with a weak rupee, hampered the risk-taking appetite of investors. "Major Asian markets ended on a mixed note, while European indices like FTSE 100 and CAC 40 traded higher", said Jasani. Smaller rival Idea Cellular finished 3.4% lower. "The consensus is showing status quo in interest rate while investors are keenly looking for any announcement for trimming the balance sheet", said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

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"FIIs (foreign institutional investors) have a neutral view on India today due to its high risk position in the risk-reward meter within the EM (emerging markets) basket".

Foreign portfolio investors (FPIs) remained passive as they sold shares worth a net Rs 1,719.62 crore.

Market heavyweight Reliance Industries was in a sweet spot as the scrip hit a record high of Rs 872.10 (intra-day) before closing 0.85 per cent higher at Rs 847.10 after the IUC cut is seen as benefiting the company's telecom unit, Reliance Jio.

The Sensex touched a high of 32,524.11 points and a low of 32,358.63 points during intra-day trade. On the other hand, auto index fell 0.39 per cent, metal 0.38 per cent, oil & gas 0.33 per cent and TECk 0.31 per cent.

Among major gainers, ITC, Reliance Industries, Dr Reddy's and HDFC rose up to 3 per cent.

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