Market Bizzz

The Federal Open Market Committee is poised to keep rates in a range of 5.25% to 5.5% at its two-day policy meeting ending Wednesday, a 22-year high first reached in July. The rate decision and accompanying statement will be released at 2 p.m. in Washington. Chair Jerome Powell will hold a press conference 30 minutes later.

Stocks that were in focus included names like Bajaj Finance, which fell 5.10%, Tata Investment, which jumped 20%, and KFin Technologies, whose shares increased 7.64% on Tuesday.

Chinese markets wobbled after an official factory survey showed China’s manufacturing activity in January contracted for a fourth straight month.

A total of 20,385 shares changed hands on the counter till 10:04AM (IST).

ITC reported a 6% growth in its consolidated net profit at Rs 5,335 crore for the quarter ended December. The same stood at Rs 5,006 crore in the year-ago period. The profit beat the ET Now Poll expectation of Rs 5,072 crore.

Konstelec Engineering debuted on the NSE SME platform with a premium of 200%, listing at Rs 210 compared to the issue price of Rs 70. The company’s shares commanded a robust GMP of Rs 90 in the unlisted market. The SME IPO of Konstelec Engineering received massive subscription and raised around Rs 28.7 crore.