Markets opened the day steady ahead of the two-day Federal Reserve meet which has built hopes of an announcement on monetary easing. The Sensex was trading marginally lower by 13 points at 17,222 points at 9.55 am IST, while the Nifty was trading marginally lower by 5 points.
Shares of Cipla continued to surge, gaining more than 5% in early trade today, following a spectacular set of numbers posted by the company.
Other stocks among the S&P CNX Nifty that saw a smart rally were BHEL, Ambuja Cements and Reliance Infrastructure.
Among the losers in early trade were Coal India, HDFC Bank, ACC and Hero MotorCorp. Shares of Deccan Chronicle lost 5% again today following reports that Karvy had filed a case against the company.
Meanwhile, Asian stocks were trading lower today with the Japanese Nikkei and Singapore's Strait Times, marginally down.
Markets are expected to move in a tight range and follow global cues. In fact, global markets are awaiting the outcome of a Federal Reserve meeting to be held later today. Any hint of a quantitative easing programme could spark a fresh rally in stocks.