Markets settle the day flat as investors await Fed policy decision

In a choppy session, benchmark indices settled the day flat with Nifty settling above the 9,300 mark ahead of Federal Reserve’s policy  decision due tomorrow. Fed is expected to hold interest rates steady at its meeting this week as it pauses to parse more economic data but may hint it is on track for an increase in June.
 
The indices gained nearly 150 points in the early morning trade but later fell on concerns over corporate results  although losses were capped as some auto makers rallied after posting jumps in April sales.
 
The BSE Sensex settled the day 3 points lower at 29,921 while the broader Nifty50 index ended 10 points higher at 9,313.

 

The midcap index was trading 0.4% higher while BSE Smallcap index gained 0.3%.
 
Buzzing Stocks
 
HDFC, ONGC, Maruti Suzuki, HeroMoto Corp and Bajaj Auto gained the most on BSE Sensex while Lupin, Bharti Airtel, Sun Pharma and Reliance shed the most on the index.
 
Ambuja Cements fell as much as 4.21% at intra-day after its quarterly profit missed estimates. The stock ended 2.5% lower for the day.
 
Shares of most Indian auto makers however rose after they reported a jump in April vehicle sales on Monday. Maruti Suzuki reached record high of Rs 6,730 (up 3%)at intra-day trade and ended 2.7% higher. Eicher Motors also rose 2.61% at intra-day to a record high of Rs 26,747.90 but later pared gains to fall 1.43%.

 
Tata Motors share price fell 1.2% on dismal sales performance in April but passenger cars sales growth remained strong.
 
Oil refiners also rose on hikes in petrol and diesel prices. Hindustan Petroleum Corp, Bharat Petroleum Corp and Indian Oil Corp climbed 2.4%, 2.2% and 0.8% respectively.
 
Global Markets
 
Asian shares rose to near two-year highs on Tuesday as growing optimism over tech industry earnings and easing concerns over North Korea offset softer-than-expected factory readings in China and the United States.
 
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.5% to its highest level since June 2015, as many of the region's markets reopened after a long holiday weekend. Japan's Nikkei rose 0.7%.

 
European shares kicked off the first trading day of May with gains underpinned by healthy corporate earnings. Financials and energy stocks provided the biggest boost to the pan-European STOXX 600 which was up 0.1%. French bluechips held near decade highs while Germany's DAX hovered near a record.
 
On Wall Street on Monday, the S&P 500 gained 0.17% and the Nasdaq Composite added 0.73% to a record closing high, although the Dow Jones fell 0.13%.