Markets see a soft start on Fed rate hike, Trump probe; Nifty tests 9,600

Benchmark indices open flat tracking muted cues in global markets after US Federal Reserve raised policy rate for the second time this year and unveiled plans to shrink its balance sheet. Fed Chair Janet Yellen said the process could start "relatively soon", while projections of Federal Reserve Board members also showed they expect one more rate hike by the end of year. It also maintained forecast for one more hike in 2017. Meanwhile, Sentiment also remained cautious after media reports that US President Donald Trump is being investigated by a special counsel for possible obstruction of justice and crude oil’s steep fall of about 3% to a seven-month low also added to the woes. At 9:17 am, the S&P BSE Sensex was trading at 31,165, up 9 points, while the broader Nifty50 was ruling at 9,609, down 9 points. In broader market, S&P BSE Midcap was flat, down 0.05% while the S&P BSE Smallcap gained 0.1%.  Future & Option Trading Tips