Sensex slips 51 points ahead of US Fed meet outcome

Mumbai: The Sensex failed to hang on to its positive start as it slipped 51 points while the Nifty traded below the key 8,200-level as caution set in before the Federal Reserve rate decision later in the day.

Investors preferred to wait and watch ahead of the US rate-setting committee's verdict on rate hike.Meanwhile, November retail inflation fell to a 24-month low at 3.63 per cent, from 4.20 per cent previously, while WPI inflation cooled to 3.15 per cent, from the earlier 3.39 per cent in October.

The Sensex opened higher before trading at 26,646.65 at 1100 hours, a loss of 51.17, or 0.19 per cent. The NSE 50-share Nifty was also down by 22.20 points, or 0.27 per cent, at 8,199.60 at 1100 hours. Those that lost heavily include Coal India 2.99 per cent and HDFC 1.17 per cent. Notable gainers were Axis Bank 2.35 per cent, Reliance 1.75 per cent, HCL Technology 1.53 per cent and Bajaj Finance 1.39 per cent.

Meanwhile, foreign funds sold shares net worth Rs 2,181.03 crore yesterday, as per the provisional data. Overseas, Asian markets witnessed a mixed trend as
investors kept an eye on the key US Federal Reserve meeting due to end today. US equities closed higher yesterday while the Dow Jones industrial average closed in on another milestone.