Sensex provisionally closes flat ahead of Fed policy review; metals gain - Livemint

Among the sectoral indices, the S&P BSE Metal index was the top gainer, up 2.12%, followed by the S&P BSE FMCG index, up 1.21%. Photo: Hemant Mishra/Mint

Mumbai: The 30-share benchmark S&P BSE Sensex closed flat on Wednesday, tracking weak Asian stock markets ahead of the US Federal Reserve policy review.

IT outsourcing companies fell on concerns about their revenue outlooks, while investors also booked profits in recent outperformers such as Oil and Natural Gas Corp. Ltd (ONGC).

At the time of close, the 30-share Sensex stood at 21,832.86 points, up 0.25 points from the previous close, while the National Stock Exchange's 50-share Nifty added 0.11%, or 7.40 points, to 6,524.05.

The gainers included Tata Steel Ltd which jumped 4.58% to Rs.356.30, Hindalco Industries Ltd that climbed 4.44% to Rs.119.95, Axis Bank Ltd that advanced 2.78% to Rs.1,386.15 and Sesa Sterlite Ltd that rose 2.09% to Rs.175.95.

Among losers, Tata Consultancy Services Ltd (TCS) shares lost 3.84% to Rs.2,040.95 after the company said in a meeting with analysts on Tuesday that it expects a weak fourth quarter on account of a slow start to the year after the holiday season and a "softer" Indian market. Infosys Ltd also fell 2.32% to Rs.3,271.55.

Shares of ONGC fell 3.22% to Rs.314.30, while Mahindra and Mahindra Ltd declined 2.79% to Rs.982.10.

Among the sectoral indices, the S&P BSE Metal index was the top gainer, up 2.12%, followed by the S&P BSE FMCG index, up 1.21%.

However, the S&P BSE IT index lost 2.24%, the most among sectoral indices. The S&P BSE Teck index fell 1.63%.

Since the beginning of this year, the BSE Sensex has gained 3.17%, while foreign institutional investors have bought $1.59 billion from local equity markets.

US stocks rose for a second day in a row on Tuesday, with the S&P 500 ending just shy of all-time highs as worries faded that Russia's annexation of Ukraine's Crimea region would lead to further near-term military conflict. The S&P 500 gained 0.7%, Nasdaq Composite was up 1.3%, while Dow Jones Industrial advanced 0.6%.

Asian markets were trading mixed ahead of Fed policy review. The Fed is widely expected to continue to reduce the size of its monthly bond purchase programme by $10 billion each meeting, but also alter its forward guidance when it delivers its policy statement on Wednesday. The policy review will be the first presided over by Fed chair Janet Yellen.

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