The US Federal Reserve is set to announce its decision on interest rates on Wednesday night and most economists see a hike of 75 basis points (100bps = 1 percentage point). A small group of economists expect the Fed to hike rates by even 100bps. Around the world, the Bank of Japan and the Bank of England are also set to take a call on interest rates this week. And next week, the Reserve Bank of India (RBI) too is set to conclude its meeting that sets domestic interest rates.
Investors globally are nervous about the decisions that these central banks would take as part of efforts to go all out to fight runaway inflation, market players said. With the US markets opening deep in the red late on Tuesday as they await the Fed decision, Wednesday’s trading on Dalal Street could be choppy, they added.
In Tuesday’s market, however, as Asian markets showed a relatively steady trend, Indian bourses closed higher with buying support from foreign funds. At close, foreign portfolio investors were net buyers at Rs 1,196 crore, BSE data showed.
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