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Sensex ends below 30,000-level, investors await Fed rate stance

Investor interest in IT bell weathers Infosys, TCS and Wipro helped the Indian benchmark indices Sensex and Nifty trade in the green.

business Updated: May 03, 2017 16:14 IST
Raj Kumar Ray
Sensex

A man looks at the share prices outside Bombay Stock Exchange in Mumbai.(PTI photo)

Indian shares closed marginally down on Wednesday tracking positive global cues ahead of the US Federal Reserve interest rate review meeting.

Investor interest in IT bell weathers Infosys, TCS and Wipro helped the Indian benchmark indices Sensex and Nifty trade in the green in early hours.

The BSE Sensex, which had closed flat at 29,921 on Tuesday, clawed back to touch 30,020.6 in early trade on sustained buying by domestic institutional investors as well as retail investors. However, the benchmark closed down 26 points, or 0.09%, at 29,894.80. The Nifty too ended in the red at 9,311.95.

Stocks in realty, power, auto, metal and capital goods sectors were up in early trade on hopes of a revival in the industrial growth after April PMI data showed a higher purchase order by the India Inc.

Power Grid led the Sensex chart gaining 2.3% followed by TCS 2%, Infosys 1.6% and Coal India 1.5%.

Globally, the US Dow Jones Industrial Average ended 0.17% higher on Tuesday.

The MSCI World index, which mirrors the movement in stocks, surpassed Tuesday’s record to hit a new high on Wednesday.

In the Asian region, financial markets in Japan, Hong Kong and South Korea are closed today for public holidays.

Markets are awaiting word from the Fed, which concludes its two-day meeting later on Wednesday. With the central bank largely expected to hold interest rates steady, the focus will be on language about future increases.

Since the last meeting, economic data has been mixed, with the economy growing at a sluggish 0.7% annual pace in the first quarter as consumer spending almost stalled.

Oil prices pulled higher after a sharp fall on Tuesday on technical selling in a market already worried about oversupply and following a rise in output from several members of the Organization of Petroleum Exporting Countries (OPEC). (With agency inputs)