-Indian markets recovered from initial losses and closed higher on Wednesday ahead of US Fed policy outcome
-Gains were seen in auto, FMCG, and energy stocks
-Sensex rose 33 points and closed above the 69,500 mark ..the index rebounded around 500 pts near closing
-Nifty was up 20 points and closed above 20,900 pts
Gainers and losers
From the Sensex pack, NTPC, Power Grid, M&M, and L&T were the top gainers, rising 2-3.5%. L&T, Sun Pharma, SBI, Titan, and Tata Steel also closed higher. TCS, Infosys, Axis Bank, and Bajaj Finserv closed in the red.
Stocks in news
Tanla Platforms surged 19% amid high volumes.
BoB also closed over 2% after the lender said that its board will review a proposal to raise funds on December 15
Sunteck Realty shares fell over 4% after a large deal worth Rs 336.4 crore took place at the counter.
On the sectoral front, Nifty Auto, Pharma, and Healthcare closed over 1%. Whereas Nifty IT remained top loser, dragged by TCS, Infosys and Tech Mahindra. In the broader market, Nifty Midcap100 and Nifty Smallcap100 gained 0.9% each.
Global Markets
Chinese blue-chip stocks sank 1.7% on Wednesday, while Hong Kong’s Hang Seng Index fell 0.9%, as the absence of strong stimulus measures at the Central Economic Work Conference left investors disappointed.
Crude Oil and Rupee
Oil prices slid to six-month lows. Brent bottomed at $72.51 a barrel, its lowest since late June.
US crude slid to $68.71 a barrel on concerns of softening demand as global economic growth slows, and oversupply after the US Energy Information Administration raised its forecast for the US.
The Indian rupee fell to its record closing low on Wednesday as a rise in dollar index pressured the Rupee ahead of the Fed’s monetary policy decision later in the day. The rupee ended at 83.40 against the dollar.
