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Indian Markets Open Tentative Ahead Of Crucial US Fed Meet
Indian markets opened the day cautious ahead of the beginning of a 2-day US Fed Meet today, which would decide on an interest rate hike in the US.
Most Asian markets were also trading with caution, even as there is wide anticipation that the US Fed would hike interest rates for the first time since June 2006.
The Sensex was trading with gains of 2 points, while the Nifty lost 1 point in early trade.
Worries over the passage of the GST Bill also led to subdued openings across the market. Shares in Mahindra and Mahindra gained after reports that the company and affiliate Tech Mahindra Ltd, have agreed to buy a 76.06% stake in Italian car designer Pininfarina SpA.
Sun Pharmaceutical was higher on reports that it will sell its US factory in Bryan, Ohio, to Nostrum Laboratories Inc .
Cairn India saw some recovery in its share price, following a stability in crude oil prices. Banking stocks continued to see selling pressure, as retail inflation climbed. Any gains in inflation, means it would make it difficult for the Reserve Bank of India to cut interest rates going forward.
Meanwhile, most of Asia was trading with gains, ahead of the US Fed policy.
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