The market is lacklustre in early trade Wednesday ahead of outcome of FOMC's two-day meeting (that will end tonight) and expiry of January derivative contracts (on Thursday).
09:19
Moneycontrol Bureau The market consolidates with negative bias in early trade Wednesday ahead of outcome of FOMC's two-day meeting (that will end tonight) and expiry of January derivative contracts (on Thursday).The Sensex declined 5.32 points to 29565.72 and the Nifty slipped 7.75 points to 8902.75 despite weak global cues.
Tata Motors and Tata Steel falls over a percent while Maruti gained more than 1.5 percent.
The Indian rupee fell marginally in early trade today. The currency has opened at 61.50 a dollar, down 11 paise compared to previous day's closing value of 61.39 a dollar.
Himanshu Arora, Religare said, "USD-INR pair is expected to trade slightly higher today amid uncertainty as the US Fed meeting is going on and the statements out of the meeting are widely expected to provide cues to the market."
"Moreover, month-end dollar demand by oil marketing companies is also expected to underpin dollar today. Expect the range for the USD-INR to be between Rs 61.25-61.68/USD," he added.
Global markets are in the red with US stocks seeing sharp losses on the back of weak economic data and disappointing corporate earnings. European markets ended in the red and Asian markets too are negative following the US handover.
In other asset classes, the dollar stepped back from its 11-year highs against a basket of currencies after soft spending data and some disappointing earnings casting doubts about the underlying optimism on the US economic outlook.
Nymex crude futures fell over 1.5 percent towards USD 45 per barrel after data showed US crude stocks surged by nearly 13 million barrels last week .
And precious metal gold edged higher after two sessions of losses, as the dollar eased ahead of a US Federal Reserve policy meeting.
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