The benchmark indices BSE Sensex and NSE Nifty closed flat on Monday ahead of the Federal Open Market Committee’s (FOMC) 2-day meeting, which starts from Tuesday.
The BSE benchmark Sensex closed 65.59 points or 0.2% lower at 28,437.71 points, while NSE’s Nifty closed 14.6 points or 0.2% lower at 8,633.15 points.
Experts see markets consolidating, unless US Fed decides to raise interest rates. “Nifty is likely to remain in the 8,500-9,000 range unless there is a major sell-off due to the US Fed rate-hike. Currently, there are no immediate triggers for the markets. Corporate earnings are yet to catch up. Even Q4 may not be that great,” said Andrew Holland, CEO at Ambit Investment Advisors.
Most Asian indices ended in the green. Shanghai Composite gained 2.2% higher to close at 3448.49 points — its highest level in 5-and-a-half years — after Chinese Premier Li Keqiang pledged to take action if economic growth slows too much. Hang Seng (0.5%), Kospi (0.08%), Straits Times (0.6%) and Jakarta Composite (0.3%) also ended higher.