Sensex and Nifty End edged down before meeting with the US Fed; Real estate stocks outperform

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Indian stock indices ended little change on Wednesday as investors turned cautious ahead of the outcome of the two-day US Federal Reserve meeting ending later in the day. The US Fed will decide when it starts cutting its bond buying plan and raising interest rates, analysts said. The Sensex traded in a narrow range of 300 points and the Nifty 50 index fluctuated between 17,524 and 17,610. Gains in Reliance Industries, Tech Mahindra, HCL Technologies, ITC and Mahindra & Mahindra were offset by losses in HDFC, HDFC Bank, ICICI Bank, Kotak Mahindra Bank, Hindustan Unilever and Axis Bank.

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The Sensex finished down 78 points at 58,927 and the Nifty 50 Index slipped 15 points to close at 17,547.

Investors are now awaiting policy indications from the US Federal Reserve’s two-day meeting ending later today, including when it would start cutting bond purchases and raising interest rates.

Real estate stocks saw strong buying interest in an otherwise lackluster session after the Karnataka government reduced the stamp duty on apartments from Rs 35-45 lakh to 3 percent from 5 percent. The measure of real estate stocks on the National Stock Exchange – Nifty Realty index jumped 8.5% with stocks like DLF and Godrej Properties rising more than 10% each.

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The Nifty Media Index rose more than 13% on the back of soaring shares of Zee Entertainment, which closed up 30% after signing a merger deal with Sony Pictures Networks.

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