Market consolidates ahead of US Fed meet, 128 stocks hit 52-week highs


Consolidation in the Indian market continued for the second day, with the Nifty trading just a tad below 10,150-mark.

Barring IT, autos and private banks, all sectoral indices traded flat or in the positive region, while midcaps were subdued.

Markets were largely on the fence ahead of the US Federal Reserve’s FOMC meeting which could see some announcement on the interest rate movement.

European markets opened slightly lower, as investors observed heightened geopolitical tensions over the Korean Peninsula and awaited monetary policy guidance from the Federal Reserve.

The pan-European Stoxx 600 edged down by around 0.21 percent shortly after the opening bell, with almost all sectors and major bourses in negative territory.

The Fed is expected to keep interest rates unchanged after its two-day meeting while many analysts have suggested it could announce plans to begin unwinding its USD 4.5 trillion balance sheet.

In such a scenario, over 120 stocks hit fresh 52-week highs, helping them multiply investors’ wealth. Ashok Leyland, Asian Granito, Bombay Dyeing, Centrum Capital, Hexaware Tech, IGL, Meghmani Organics, Punj Lloyd, Trident and Yes Bank, among others, were among those stocks.



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