Mumbai: Indian equity benchmarks closed on a flat note amid volatile session on Wednesday. European markets too were quite choppy ahead of the last day of Federal Open Market Committee (FOMC) meet on Wednesday anticipating a positive outcome. The 50-share NSE Nifty fell 6.95 points, to close at 5,133.25 and the 30-share BSE Sensex dropped 34.13 points, to end at 17,065.15.
Considering all factors, Rajen Shah, CIO of Angel Broking feels the market is going to be range bound probably in the band of 16000 to 17500 atleast for the next three months or so.
During the day, Oil & gas, FMCG, auto, capital goods and select technology stocks witnessed selling pressure. However, banking and telecom lend support.
The broader indices outperformed benchmarks; the BSE Midcap and Smallcap indices rose 0.7 per cent each. About 807 shares advanced as against 620 shares declined on NSE.
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