Markets pare initial gains, Nifty tests 9,300 ahead of Fed outcome

PowerGrid, ONGC, Dr Reddy's. HeroMoto and Wipro gained the most

The Benchmark indices pared morning gains to slip in red following mixed global cues from Asian markets and Wall Street ahead of the US Federal Reserve's policy outcome, due later today. 

As per Reuters, the Fed is widely expected to stand pat on interest rates, but may drop hints on the possibility of a rate hike in June.
 
At 12:49 am, the S&P BSE Sensex was trading at 29,893 down 27 points, while the broader Nifty50 was ruling at 9,306 down 7 points.
 
In the broader market, the BSE Midcap pared gains to turn flat, while the