The market closed rangebound session on a flat note Wednesday as investors remained cautious ahead of outcome of the Federal Reserve meeting later today. The Sensex jumped 166 points intraday and the Nifty climbed over 8800 level after the Bank of Japan's (BoJ) action but wiped out those gains in late trade.
The 30-share BSE Sensex was down 15.78 points at 28507.42 and the 50-share NSE Nifty rose 1.25 points to 8777.15.
The Fed rate hike hopes already diminished after recent data points. Now the commentary will be closely watched by investors globally, experts said.
Once the Federal Reserve event gets priced in, the market may gain strength and start moving towards its record high, they feel. FIIs selling Rs 1,150 crore worth of Indian equities on Tuesday was one-off, which may be due to profit booking or investors cashed in for investment in ICICI Prudential Life's Rs 6,057-crore IPO that ended today.
"The world is awash with liquidity and it is not evident that any central bank, neither the Fed nor the BoJ is in a position to reverse the tide of easy money that has been set afoot over the last eight-nine months specially," Saurabh Mukherjea of Ambit Capital said.
The Japanese economy doesn't seem to be going anywhere in particular and the Fed is unlikely to tighten for the US presidential elections, he feels.
Surendra Goyal of Citi said the mood on emerging markets overall was generally cautious post the rally of 20 percent since February but he remained constructive and raised Sensex target to 30,000.
The 30-share BSE Sensex was down 15.78 points at 28507.42 and the 50-share NSE Nifty rose 1.25 points to 8777.15.
The Fed rate hike hopes already diminished after recent data points. Now the commentary will be closely watched by investors globally, experts said.
Once the Federal Reserve event gets priced in, the market may gain strength and start moving towards its record high, they feel. FIIs selling Rs 1,150 crore worth of Indian equities on Tuesday was one-off, which may be due to profit booking or investors cashed in for investment in ICICI Prudential Life's Rs 6,057-crore IPO that ended today.
"The world is awash with liquidity and it is not evident that any central bank, neither the Fed nor the BoJ is in a position to reverse the tide of easy money that has been set afoot over the last eight-nine months specially," Saurabh Mukherjea of Ambit Capital said.
The Japanese economy doesn't seem to be going anywhere in particular and the Fed is unlikely to tighten for the US presidential elections, he feels.
Surendra Goyal of Citi said the mood on emerging markets overall was generally cautious post the rally of 20 percent since February but he remained constructive and raised Sensex target to 30,000.
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