Markets Open Lower As Asian Markets Stay Quiet Ahead Of FOMC Meet

Updated: Tuesday, April 26, 2016, 9:38 [IST]

Benchmark indices opened the day lower, even as Asian markets exhibited a sluggish trend ahead of the 2-day US Federal Meet.

The Fed is likely to keep interest rates steady, but, the markets would closely watch for a commentary on future interest rate hikes.

Markets Open Lower As Asian Markets Stay Quiet Ahead Of FOMC Meet

A hawkish commentary may lead to a sell-off in markets across the globe. The Sensex was trading with losses of 30 points, while the Nifty dropped 122 points in trade.

Top losers were Gail, Tata Motors and Lupin. Axis Bank was down 0.50 per cent ahead of its results due later today. Metal stocks were once again leading the gainers in trade with Hindalco and Tata Steel among the top gainers in trade.

Hindalco gained after reports that Australian company, Metal X intends to acquire shares of Hindalco's arm ABML.

Maruti Suzuki was trading lower ahead of its numbers due later today. Tata Sponge dropped even after the company said that its Q4 consolidated net profit was up 49.5 percent at Rs 12.8 crore versus Rs 8.6 crore.

Midcap stocks were absolutely flat in trade with Just Dial and TVS Motors among the top losers in trade.

Meanwhile, most Asian markets were trading lower eyeing, a 2-day FOMC meet, where cues on future interest rate hikes would be provided by the Fed Reserve.

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