Markets Trade Lower Ahead Of US Fed Outcome

Business

oi-Sunil Fernandes

Benchmark indices were trading lower ahead of a key decision by the US Federal Reserve, which is largely set to hike interest rates in the US, after a year. Overseas, Asian markets were trading lower

By Sunil Fernandes

Published: Wednesday, December 14, 2016, 9:58 [IST]

Benchmark indices were trading lower ahead of a key decision by the US Federal Reserve, which is largely set to hike interest rates in the US, after a year. Overseas, Asian markets were trading lower as Chinese and Hong Kong shares fall as traders remained wary ahead of the outcome of the US Federal Reserve meeting. US stocks extended rally on Tuesday, with the Dow Jones industrial average inching close to 20,000 mark, as investors were widely convinced the Federal Reserve will hike interest rates for the first time this year.

Leading the set of losers from the Nifty was Coal India, which dived following a poor set of quarterly numbers, wherein profits fell very sharply. The stock was down almost 3 per centat Rs 297.

Shares in Wockhardt jumped 3 per cent on reports that the company's Daman unit compliant with principles & guidelines of good manufacturing practice as per UK MHRA.

Among the Nifty losers were Bosch, HDFC and Idea. On the other hand stocks like Infratel, Reliance and Sun Pharma managed to gain ground.

From the non index stocks space Asian Oilfield soared 4 per cent after the company got letter of intent from Oil India worth Rs 63.75 crore.

Meanwhile, the rupee was trading steady at 69.49 to the dollar.

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