Stock picks of the day: Market likely to take cues from FOMC outcome

The Indian markets traded with a positive bias throughout the session amidst high intraday volatility. The Nifty index ended with gains of 0.2 percent at 10,841 levels.

The broader markets performed in-line with the benchmark as both BSE Midcap and Smallcap ended with gains of 0.4 percent and 0.3 percent respectively.

All the sectoral indices ended on a positive note with Realty, Metal and Oil & Gas being the top gainers.

The correction in crude oil prices has definitely provided respite to investors. Nonetheless, geo-political developments would still be one of the key factors on investors’ radar as any further escalation would have an adverse impact on markets and economy.

Apart from this, the FOMC meet outcome would be a key factor as there is a wide expectation of a rate cut. However, commentary on growth and rate outlook would be crucial.

On the domestic front, the recommendations of GST Fitment committee to not reduce rates in certain sectors has impacted sentiments, however, the final decision would be taken at the GST Council meeting on September 20th.