Indian stock indices posted marginal losses on Tuesday, September 19 as market participants opted for the sidelines ahead of the FOMC’s two-day meeting. We expect the regulator to leave the key interest rate on hold, but decide to begin shrinking its balance sheet on October 1. By the close, the Nifty 50 ticked down 0.05% to 10,147.55, and the BSE Sensex 30 was 0.07% lower at 32,402.37. On the Nifty 50, GAIL and Tata Motors outperformed the broader market, soaring 5.15% and 4.62%, respectively. Coal India and Auribindo Pharma were out of luck, sliding 2.27% and 1.74%. Among the BSE Sensex 30 gainers, GAIL and Tata Motors stood out, advancing 4.87% and 4.58%, respectively. On the other side of the spectrum, Coal India and HDFC dropped 2.49% and 1.02%. On the currency market, the USD/INR pair firmed 0.11% to 64.295, and EUR/INR added 0.54% to 77.109. The 10-year bond yield reached 6.607%. Banking names came under pressure as investors took profit on long positions after a multi-session rally. In particular, lenders HDFC and Axis Bank shed 0.5%. India’s largest automaker Tata Motors soared 4.62% on news that holding company Tata Sons will acquire an equity stake in the former for USD 312 mn. India’s largest pharmaceutical player Biocon added 0.67% on reports that the US FDA did not find any lapses at the company’s Vishakhapatnam factory. GAIL shot up 5.15% as Credit Suisse analysts upgraded the name to Buy. From a technical standpoint, the BSE Sensex has effectively touched an all-time high at 32,686.48. Stochastic lines are buy-friendly at this point and have reached overbought territory, so the upside seems to be petering out. $SENSEX, S&P BSE SENSEX INDEX / D