Nifty hangs below 8050; SBI, Wipro, Hindalco gain 1%

he market is looking listless with the Nifty hanging below 8050, down 10.35 points at 8031.65. The Sensex slips 37.06 points at 26779.50. About 1363 shares have advanced, 589 shares declined, and 66 shares are unchanged. ONGC, Tata Motors, HDFC, Axis Bank and Sesa Sterlite are major laggards in the Sensex. Among the gainers are Sun Pharma, Dr Reddy's Labs, Hindalco, Wipro and SBI.

Asian shares held near one-month lows as investors braced for a possible hawkish shift in the US Federal Reserve's policy stance as the Fed begins a two-day policy meeting later in the day. 

Speculation that the Fed could raise interests sooner and faster than previously expected have rattled many share markets around the global and supported the US dollar. 

The Fed's Open Market Committee will begin its regular two-day policy meeting later on Tuesday, and investors will be scanning the outcome for clues on the timing of the first US rate hike in more than eight years.