Sensex, Nifty trade lower as investors stay on sidelines ahead of US Fed meet
Sensex and Nifty opened on a muted note with buying seen in FMCG stocks.
Britannia, Tata Consumer and HUL were trading 1% higher each while Tata Motors fell over 2% after 1.9 crore shares of the bluechip were trade in a large block deal.
Shares of newly-listed Bajaj Housing Finance went up another 10% to day's high at Rs 181.48 on BSE after more than doubling money of IPO investors on listing day.
Ola Electric shares also rallied another 5% after Goldman Sachs initiated coverage on the stock with a buy rating and a target price of Rs 160.
Expert View
Rate cuts are positive for markets and higher rate cuts are more positive but if the incoming data signals a sharply slowing economy and the Fed cuts by 50 bps the market is unlikely to treat it as positive, says Dr VK Vijayakumar of Geojit Financial Services.
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