The Sensex is down 33.05 points or 0.1 percent at 28601.45. The Nifty is down 9.10 points or 0.1 percent at 8799.30. About 532 shares have advanced, 281 shares declined, and 58 shares are unchanged.
Dr Reddy's Labs, M&M, ONGC, BHEL and Maruti Suzuki are top gainers while NTPC, Wipro, HDFC, ICICI Bank and Infosys are losers. Jubilant FoodWorks is down 7 percent.
The Indian rupee opened flat at 66.97 per dollar on Tuesday versus previous close 66.96.
Ashutosh Raina of HDFC Bank said, "The all important FOMC and BoJ meetings get underway today. Markets are expecting no rate increases from Fed, but the statements accompanying the policy will be keenly analysed."
"USD/INR currency pair has been stuck in a very narrow range. Expect the pair to trade in a range of 66.80-67.10/dollar ahead of FOMC," he added.
The US dollar fell from over two-week high against a basket of major currencies on expectations that any Bank of Japan action this week would not weaken the yen and the Federal Reserve would refrain from raising rates.
Asian shares edged lower today. Global markets have been blowing hot and cold in recent weeks over the Fed's intentions, not helped by both hawkish and dovish comments from several Fed officials over this period. The consensus is that the Fed will leave interest rates unchanged at the end of its two-day meeting, with investors focusing on the statement as well as Chair Janet Yellen's speech for clues on the timing of the central bank's next interest rate increase.
A see-saw session on Wall Street ended little changed, with gains in big bank stocks offsetting a drag from Apple, as investors braced for the Federal Reserve meeting later this week. The Dow Jones industrial average fell 3.63 points, or 0.02 percent, to 18,120.17, the S&P 500 lost 0.04 points, to 2,139.12 and the Nasdaq Composite dropped 9.54 points, or 0.18 percent, to 5,235.03.
Crude oil prices pared gains after surging as much as 2 percent as Venezuela hinted that OPEC and other major oil producers could agree to a market support deal and clashes in Libya disrupted attempts to boost crude exports. From the precious metals space, gold prices rose as the dollar slipped but gains were capped by nervousness ahead of a US Federal Reserve monetary policy meeting and a rise in US government bond yields.
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