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Sensex, Nifty Hold Small Gains Ahead Of Fed Rate Decision

Indian stocks fluctuated as investors awaited the U.S. Fed rate decision later in the day.

Sensex, Nifty Hold Small Gains Ahead Of Fed Rate Decision
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Closing Bell

Indian equity benchmarks managed to notch tiny gains even as investors held back big bets ahead of the U.S. Federal Reserve’s interest rate decision later in the day.

The S&P BSE Sensex gained 0.17 percent to 31,155 while the NSE Nifty 50 Index too gained 0.1 percent to 9,618. The market breadth was skewed 2:1 in favour of the bears on the NSE.

Six of the 11 sectoral gauges compiled by the NSE advanced, led by Nifty Realty’s 1.36 percent climb. The Nifty FMCG and Nifty Metal fell the most, losing close to 0.7 percent.

Sensex, Nifty Hold Small Gains Ahead Of Fed Rate Decision

The market is going through a time correction, said Kunal Saraogi, CEO of market research firm Equityrush. “The Nifty is likely to spend some more time in this 200-point range [which is] between 9,550 and 9,750,” he told BloombergQuint by phone.

Saraogi said investors will be focused more on commentary coming out of the FOMC meet, rather than on interest rate decision. “A 25-basis point rate hike has been factored in,” he said.

In terms of investment idea, Saraogi picks midcap private sector banks over their larger peers. He also like some of the monsoon related themes. “The tyre stocks look good right now,” he said. Moreover, he advised investors to stay away from the pharma stocks despite some of them making a comeback.


Reliance Industries Tops Sensex, Nifty

Shares of the Mukesh Ambani-owned company gained 3.2 percent, the most since April 25, after its telecom unit added 3.9 million users in April and held about 10 percent of the market.

Besides that, around 20 lakh shares changed hands in two block deals, according to Bloomberg data.

Sensex, Nifty Hold Small Gains Ahead Of Fed Rate Decision
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Ballarpur Industries Rises After Share Allotment Plan

Shares of the paper maker rose 2.8 percent after it sought share nod for reclassification of share capital, according to its exchange filing.

The company is looking to allot shares to its lenders upon loan conversion. The lenders will hold 51 percent stake in the company upon allotment, the filing said.


Another Bad Day For Metal Stocks

Sensex, Nifty Hold Small Gains Ahead Of Fed Rate Decision
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