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Markets Trade Lower; All Eyes On US Fed Meet
Benchmark indices opened the day lower, as global cues were quiet, ahead of the 2-day meet of the US Federal Reserve beginning today, where it will decide on interest rate hikes.
While markets do not expect the US Fed to hike interest rates in its September policy, any hawkish indications, could spook global markets, as well as the Indian markets. The Bank of Japan is also to meet later and markets are keenly awaiting that meeting as well.
Among the stocks that lost ground in trade were Jubilant Foodworks after reports that the CEO of the company had quit. The stock was down 6 per cent at Rs 946.
Shares in Mangalam Cement were higher after the company started production of a new cement plant. The stock was last trading at Rs 348, which was 4 per cent higher, over the previous days levels.
Canara Bank too was seeing good buying support after the bank said that it was planning to raise capital by way of a rights issue.
Shares in L&T were trading flat, despite the company having announced fresh orders that it received.
Meanwhile, the rupee opened the day at 66.86 to the US dollar and is expected to exhibit a more or less steady trend.
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