Nifty may open with small losses ahead of Fed meet

Moneycontrol Bureau

Indian shares are likely to open in the red, though any losses will likely be capped and may be reversed later, amid mixed trading in Asian markets and after Wall Street closed in the green overnight.

Volumes are expected to be light, however, as traders keep positions light going into the key two-day Federal Reserve meeting that will commence in the US today. Post the conclusion of the meeting (the results of which are expected on Wednesday night, India time), the Fed will have likely increased its funds rate for the first time in nearly a decade, a move many say could lead to volatility in emerging markets.

At the time of writing, the SGX Nifty in Singapore, which tracks futures traded on the Indian Nifty, was down 50 points, or 0.67 percent, to 7,570.

In stocks in news, Tech Mahindra said it had acquired majority control in an Italian car design firm Pininfarina. Sun Pharma said it was divesting stake in a US unit. Petron Engineering said it had got an order worth Rs 22.5 crore from Ramco Cements. While Hotel Leela announced a slump sale of The Leela, Goa, for Rs 725 crore.

In macro data, consumer inflation accelerated to its highest level in 14 months.

Among other asset classes, the US dollar held steady ahead of the Fed meet, crude gained about 2 percent following its recent decline while gold slipped.

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