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Sensex down over 100 pts; Jubilant Food down 7%

The market has opened in red territory as investors are nervously waiting for the outcome of Federal Reserve and Bank of Japan policy meetings. The Sensex is down 33.05 points or 0.1 percent at 28601.45. The Nifty is down 9.10 points or 0.1 percebt at 8799.30. About 532 shares have advanced, 281 shares declined, and 58 shares are unchanged.

Dr Reddy's Labs, M&M, ONGC, BHEL and Maruti Suzuki are top gainers while NTPC, Wipro, HDFC, ICICI Bank and Infosys are losers. Jubilant FoodWorks is down 7 percent.

The Indian rupee opened flat at 66.97 per dollar on Tuesday versus previous close 66.96.

"The all important FOMC and BoJ meetings get underway today. Markets are expecting no rate increases from Fed, but the statements accompanying the policy will be keenly analysed."

"USD/INR currency pair has been stuck in a very narrow range. Expect the pair to trade in a range of 66.80-67.10/dollar ahead of FOMC,"

Global markets have been blowing hot and cold in recent weeks over the Fed's intentions, not helped by both hawkish and dovish comments from several Fed officials over this period. The consensus is that the Fed will leave interest rates unchanged at the end of its two-day meeting, with investors focusing on the statement as well as Chair Janet Yellen's speech for clues on the timing of the central bank's next interest rate increase.

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