Nifty still below 8200 ahead of Fed meet; Lupin, Tata Steel down
The market has opened on tepid note as investors await outcome of two-day Federal Reserve's meeting that starts today. The Fed is widely expected to hike interest rates for the first time in 2016 at a two-day meeting, with markets pricing in a nearly 100 percent chance of a quarter percentage point increase to the Fed's target range of 0.25 to 0.50 percent.
The Sensex is up 26.49 points or 0.1 percent at 26541.73, and the Nifty up 4.05 points at 8174.85. About 453 shares have advanced, 250 shares declined, and 34 shares are unchanged.
Tata Motors, Tata Steel, Wipro, Dr Reddy's Labs and ONGC are top gainers while BHEL, Sun Pharma, M&M, ICICI and Asian Paints are losers in the Sensex.
The Indian rupee opened marginally lower at 67.47 per dollar versus 67.42 Friday.
"The crucial 2-day FOMC meeting starts today, with markets expecting a 0.25 percent hike. The dollar index has come off from recent highs."