Indian benchmark indices, Sensex and Nifty, initially surged following a steep selloff in the previous session, buoyed by gains in auto and energy stocks, in line with Asian markets ahead of the US Federal Reserve's rate decision. However, the broader market saw a slight dip, lagging behind the benchmarks. Notably, despite significant institutional buying, including Rs 7449 crores from DIIs and Rs 1421 crores from FIIs, profit booking by HNIs and retail investors led to a market downturn. SEBI's caution on elevated valuations also contributed to this trend. The Fed's rate decision and subsequent commentary are awaited to gauge the market's trajectory.