Nifty slipped below the 8,000-mark on Wednesday on the last day of Federal Open Market Committee’s 2-day meet.
At 10.30 am IST, the Nifty was trading 0.9% lower to 7,987.45, while the BSE benchmark Sensex was trading 0.76% lower to 26,577.50 points.
Experts expect markets to bounce back. “Our 12M Nifty target is 9940, based on 15x FY17E EPS. We are overweight Banks, Industrials and Autos.Underweight Consumer Staples, Materials, Energy, Utilities. Broadly Neutral on IT and Healthcare,” Macquaire said in a repot.
Most sectoral indices were trading in the red. BSE Healthcare (-2.8%), BSE Realty (-2.8%) and BSE Capital Goods (-1.7%) were among the major losers.
Asian indices were showing a mixed trend. The Hang Seng (-0.2%), Kospi (-0.01%), Straits TImes (-0.2%) and Taiwan Taiex (-1%) were trading in the red. The Nikkei (0.4%) and Shangahi COmposite (1%) were trading in the green.