Markets Remain Positive, Eye Fed Policy Decision

The Indian markets have continued to trade on a volatile note with a positive bias. At present, the Sensex and Nifty are trading higher by 0.28% and 0.11% respectively.

Among the sectoral indices, Oil & Gas and PSU are up by over 0.96% and 0.85% respectively, and have helped the markets to remain in the green zone. The other indices witnessing gains are Capital Goods, FMCG, Bankex, CD and Power. Pharma, Realty, Auto and Tech are the worst performers, trading lower in the range of 0.08%-0.86%.

In the other Asian markets, the Nikkei is up by 0.39%. However, Hang Seng and Shanghai are down by 0.14% and 0.27% respectively.

The European markets have opened on a flat, negative note today. Investors are staying on the sidelines as they are awaiting the outcome of the two-day monetary policy meeting in the US. At present, the FTSE, DAX and CAC are trading lower by 0.03%, 0.02% and 0.23% respectively. The European Stability Mechanism provided an initial rally, but the optimism has waned as investors' attention has shifted to the Fed's policy decision.

Back home, Oil & Gas stocks continue to support the markets. BPCL, GAIL India, HPCL, ONCG and Indian Oil are all trading higher by nearly 2%. Others like Petronet LNG and RIL are also up by 0.5% each. The upside in the sector is on the back of news that the Cabinet Committee on Political Affairs (CCPA) will discuss raising diesel, cooking gas and kerosene prices today evening.

A few PSU companies are also on the rise after reports that the Finance Ministry has received permission for selling government stake. The companies on the stake sale radar are Hindustan Copper, NALCO, Neyveli Lignite Corporation, Oil India and MMTC.

The market breadth is weak as of now. On the BSE, 1348 shares have declined, 1348 shares have advanced and 150 shares are unchanged.