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    Indian market closes largely in the green ahead of US Fed decision

    Indian market closes largely in the green ahead of US Fed decision

    Indian market closes largely in the green ahead of US Fed decision
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    By Sudarshan Kumar   IST (Published)

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    The Indian market largely closed in the green as investors remained cautious ahead of the US Federal Reserve decision on interest rates.

    The Indian market largely closed in the green as investors remained cautious ahead of the US Federal Reserve decision on interest rates.
    The Sensex slipped 138 points from highs to close 47 points in the green at 35,739.
    The 50-stock index, the Nifty, failed to hold on to the intra-day high of 10,893 hit in the afternoon session. It closed with a mild gain of 14 points at 10,857.
    The broader markets performed on the similar line, with the Nifty Midcap index edging lower by 66 points to shut the session at 18,919 and the Nifty Bank advancing 36 points to 26,643.
    The HDFC twins and fast-moving consumer goods (FMCG) majors ITC, HUL were major drags, while ICICI Bank, Infosys and Tata Consultancy Services (TCS) held the Nifty in the green with information technology sector contributing 17 points to index gains.
    Market breadth turned in favour of declines, due to a major fall in the last hour of trade.
    Besides information technology and pharma stocks continued to trade with gains.
    S Naren of ICICI Prudential Mutual Fund sees a 20-30 year mega trend visible in healthcare and diagnostics.
    He said, “Sustained underperformance in pharmaceutical has made the sector valuations attractive.”
    In the Futures market, Put options have added most shares in the open interest with major traction seen in the Nifty 10,800, 10700 calls.
    The Nifty June Futures closed with a discount of 17 points against a discount of four points on Tuesday. Amongst stocks, Dish TV, SBI and IDFC Bank saw maximum share addition in open interest.
    On the global front, most Asian markets closed lower with investors shifting their focus from recently concluded US-North Korea summit, to the conclusion of the Federal Reserve's June meeting later in the day.
    Down under, the S&P/ASX 200 declined 0.5% to 6,023.50, with most sectors in negative territory.
    The heavily weighted financials subindex eased 0.6% and resource plays also pulled back.
    Greater China markets saw sharper losses. In Hong Kong, the Hang Seng index lost 1%, with declines seen across sectors.
    On the mainland, the Shanghai Composite fell 1% to 3,050. The smaller Shenzhen composite lost 1.6% to end at 1,731.43.
    Japan's Nikkei 225, however, bucked the trend to edge up by 0.4%, closing the day at 22,966. Shippers and real estate stocks led gains for the day, while automakers rose 0.9%.
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