Nifty remains rangebound as Fed rate outlook eyed; ONGC falls

Equity benchmarks recovered from day’s lows but remained rangebound as investors awaited the decision of Federal Reserve policy meeting due tonight. More than 95 percent economists expect 25 basis points rate hike but the most important factors to watch out for would be its outlook on US economy, inflation and further rate hike. ]

The 30-share BSE Sensex was down 25.01 points at 26672.81 and the 50-share NSE Nifty fell 16.10 points to 8205.70. 

About 1456 shares declined against 1002 advancing shares on the BSE.

Coal India was the biggest loser among Sensex 30 stocks, down nearly 4 percent followed by ICICI Bank, ONGC, HDFC Bank, ITC, HDFC and L&T.

However, Axis Bank retained its top position in the buying list, up 3.6 percent. Reliance Industries (up 2.2 percent) and Infosys (up 0.8 percent) continued to support the market.

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