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Sensex, Nifty Fall Ahead Of Fed Decision; FMCG Stocks Buck Trend
(RTTNews) - Indian shares followed global peers lower on Wednesday, as investors awaited the U.S. Federal Reserve's much-anticipated interest-rate decision later in the day.
The U.S. central bank is widely expected to hike the policy rate by 75 basis points, but a 100-bps hike is not being ruled out.
Geopolitical tensions also returned to the fore after Russian President Vladimir Putin announced a partial military mobilization in the country.
In a televised address, Putin said the partial mobilization of its 2 million-strong military reserves was to defend Russian territories, claiming the West wants to destroy Russia and did not want peace in Ukraine.
The benchmark S&P BSE Sensex ended the session down 262.96 points, or 0.44 percent, at 59,456.78 while the broader NSE Nifty index settled down 97.90 points, or 0.55 percent, at 17,718.35.
Shree Cement led losses to close almost 6 percent lower while UltraTech Cement, IndusInd Bank, Power Grid and Adani Ports lost 3-4 percent.
FMCG stocks gained on defensive buying, with ITC, Hindustan Unilever and Britannia Industries climbing 1-3 percent.
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