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Sensex trades lower ahead of crucial Fed Meeting

Sensex trades lower ahead of crucial Fed Meeting
Indian markets were trading lower ahead of a crucial meeting of the Federal Reserve which might hint at withdrawal of stimulus in the US.

The Sensex was down 88 points, while the Nifty was trading lower by 24 points in trade today. Among the top losers from the Sensex were NTPC, BPCL, ONGC, Tata Motors, Axis Bank and Ultratech Cement.

Top gainers from the Nifty were IDFC, Jindal Steel, Ranbaxy Labs and Reliance Infra. IDBI Bank gained in early trade after Moody's affirmed IDBI Bank's deposit ratings at Baa3/P-3.

Mahindra and Mahindra which had rallied on Tuesday following an acquisition saw its stock drop on profit booking.

Realty stocks were having a bad day in trade with notable losers being Oberoi and Parsvnath. Heavyweights, HDFC, ITC, HDFC Bank and Reliance were all trading lower.

Tata Steel which gained substantially in trade on Tuesday continued to rally higher. Metal stocks were trading higher with Jindal Saw and Jindal Steel being among the other notable gainers. Mid Cap stocks bucked the trend with the Mid Cap index trading higher thanks to gains in stocks like Divis Labs, Hexaware and Reliance Communications.

Meanwhile, markets in Asia were trading lower led by losses in the Shanghai Composite and Hong Kong's Hang Sang.

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