Markets End Subdued; All Eyes On Fed Announcement Tonight

Benchmark indices ended the day mixed, after surging in morning trades, as all eyes were on the US Federal Reserve, which will announce its policy decision tonight.

Most observers do not expect the US Fed to hike interest rates in its policy decision, which will be announced tonight. They expect the Federal Reserve to hold interest rates steady in its Sept policy, while cutting interest rates in December, 2016.

The Sensex ended trade lower by 15 points, while the Nifty closed trade higher by 1 point.

Among the index stocks, metal stocks were in demand with Hindalco and Tata Steel among the top gainers from the space. Hindalco rallied on news that the company would cut debt by selling non core assets.

Nifty stocks that lost ground were ICICI Bank and ITC.

Select small stocks had a stellar run in trade. Gokaldas Exports surged 17 per cent after reports that the board is to meet to consider merger of some of its subsidiaries with itself.

Vardhman Textiles, another solid textile player also surged after the company in a filing to the BSE said that the board of directors of the company would meet, to consider proposal to buy-back the fully paid-up equity shares of the company. The stock ended the day almost 6 per cent higher in trade.

Meanwhile, the rupee was trading at 66.96 to the US dollar.

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Story first published: Wednesday, September 21, 2016, 15:33 [IST]

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