Markets on a cautious note, trades flat ahead of Federal meeting outcome

The Consumer Durables index surged more than 180 points, while Auto stocks jumped over 100 points.

September 21, 2022 9:38 IST | India Infoline News Service
Traders globally have a cautious sentiment while keeping a close watch on Federal Meeting updates, and Indian markets are performing on similar lines on Wednesday. Both benchmarks Sensex and Nifty 50 are trading slightly lower. The domestic equities are expected to be on a volatile tone even though stocks specific movement will dominate the day.

At around 09.45 am, Sensex was trading at 59,640.88 lower by 78.86 points or 0.13%. The index has touched an intraday high and low of 59,796.57 and 59,491.81 respectively.

Nifty 50 performed at 17,779.05 below 37.20  points or 0.21%. The index has touched the day's high and low of 17,838.55 and 17,761.20 respectively.

In terms of sectoral indices, on NSE, the Consumer Durables index surged more than 180 points, while Auto stocks jumped over 100 points. Further, pharma and FMCG stocks outperformed by advancing marginally however realty, metals and IT stocks were under selling pressure. 

Top bulls on Nifty were - Eicher Motors, HUL, M&M surging 0.8% each, while Nestle India followed by soaring 0.7%. Maruti, Coal India, Sun Pharma, ITC, Bajaj Finance advanced between 0.5-0.6%.

Top bears on Nifty were - Infosys, IndusInd Bank, UPL, TCS, HDFC diving between 0.7-1.3%.

Furthermore, the markets outlook are also swayed by major US Federal Reserve meeting outcome later tonight.

On the global front, Asian markets opened in the red led by the Japanese 'Nikkei' as most investors await the Federal Reserve guidance on rates as 75 basis points hike priced in markets. The "NIkkei' was down over 300 points with most other Asian markets trading in the red.

Overnight, on the Wall Street, US markets witnessed volatility as markets price in 75 basis points hike by the Federal Reserve in the meeting.

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