Nifty slips from record in choppy trade ahead of US Fed meet

Nifty slips from record in choppy trade ahead of US Fed meet

In the day's trade, the barometer 30-scrip sensitive index had touched a high of 32,499.88 points and a low of 32,383.82 points.

"There is a general fatigue in the market after a rally with some amount of consolidation".

Market breadth was positive with 948 advances against 548 declines.

Amid lingering worries on the valuation front, even the 30-share Sensex ended near the base line as the Federal Reserve kicks off its two-day policy review meeting.

The policy statement and accompanying projections showed the Fed is still in the middle of a balancing act between an economic recovery that has kept United States unemployment low and is gaining steam globally and a recent worrying drop in U.S. inflation.

"FIIs (foreign institutional investors) have a neutral view on India today due to its high risk position in the risk-reward meter within the EM (emerging markets) basket. Current developments to bring petroleum products under GST might enthuse investors", said Anand James, Chief Market Strategist, Geojit Financial Services Ltd. "So, this can impact in the short-term but unlikely in the long-term, as seen by the appreciation of INR (Indian rupee) in spite of selling by FII", Nair added.

North Korean Ships Possibly Trying to Undermine Fuel Sanctions
China accounts for about 90 percent of North Korea's trade and sends largely free crude oil shipments to the North. Officials and pundits across Asia struggled Wednesday to parse Donald Trump's vow Tuesday at the U.N.

Foreign portfolio investors (FPIs) remained net sellers in the past several sessions, offloading equities worth Rs 1,185.40 crore.

The index traded on its intraday high of 24,992.50 level and an intraday low of 24,706.45 level.

Nasdaq closed in red, down by 0.08 per cent while FTSE 100 was also down 0.05 per cent at the closing on Wednesday.

Broader gains were capped by profit-taking in stocks such as ICICI Bank Ltd and Bharat Petroleum Corp Ltd. Collectively these six stocks washed off about 112 points while HDFC, Dr Reddy's, TCS, Sun Pharma, Cipla trimmed the losses.

Private banks, which had outperformed other stocks in recent sessions, were among the top losers, while Dr. Reddy's Laboratories led gains in pharmaceutical companies, helped by easing regulatory concerns and brokerage upgrades.

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