Nifty breaks 9600 as investors cautious ahead of Fed rate decision

Equity benchmarks were marginally under pressure amid volatility as investors remained cautious ahead of outcome of Federal Reserve meeting tonight.

The 30-share BSE Sensex was down 1.79 points at 31,101.70 and the 50-share NSE Nifty fell 14.25 points to 9,592.65.

The market breadth was also negative as about 1,057 shares declined against 867 advancing shares on the BSE.

We haven’t seen any major market tantrums despite three rate hikes that have already happened and current hike is also largely factored in, the research house feels.

According to Motilal Oswal, the language of Federal Reserve, however, could offer some scope of surprise. It believes markets are likely to see a dovish hike rather than a hawkish hike. This means that while a rate hike will happen, the Fed will tone down the language to suggest that the next rate hike may not happen very soon, the research house said.

It believes that after this hike, a third rate hike this year will happen only in December.

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