Sensex, Nifty End Marginally Higher; Tata Group Stocks Decline
(RTTNews) - Indian shares ended a choppy session marginally higher on Wednesday, after having fallen sharply in the previous session.
A cautious undertone prevailed due to rising oil prices and anxiety ahead of the Federal Reserve's highly anticipated monetary policy announcement later in the day.
A stronger dollar and elevated yields weighed on risk appetite as market participants waited to see what Fed officials say about lowering rates.
It is expected that the Fed's accompanying policy statement along with the release of dot plot projections and Fed chair Jerome Powell's comments on inflation and growth outlook will provide clues on the Fed's rate trajectory this year.
After recent CPI and producer price data flagged concerns of sticky inflation, traders currently price in less than 50 percent chance of a rate cut in June.
The benchmark S&P BSE Sensex ended a choppy session up 89.64 points, or 0.12 percent, at 72,101.69 while the broader NSE Nifty index settled 21.65 points, or 0.1 percent, higher at 21,839.10.
Automakers topped the gainers list, with Eicher Motors and Maruti Suzuki India climbing 4.3 percent and 2.8 percent, respectively.
Nestle India, Power Grid Corp and SBI all rose around 2 percent.
Tata Group stocks led losses, with Tata Motors, Tata Consumer Products and Tata Steel falling 1-2 percent.
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