FTSE 100 drops by 0.54 pct ahead of Fed's decision

FTSE 100 Index, British benchmark stock market gauge, Monday dropped by 0.54 percent, or 33.17 points, to 6084.59, as the market stayed cautious prior to the U.S. Federal Reserve's decision late this week.

The Federal Open Market Committee (FOMC) of the Fed on Thursday will announce whether it will raise rates for the first time in almost a decade following a two-day policy meeting. Some of the analysts here expect a 25 basis points interest rate raise.

Most sectors of London market closed lower today, with Food & Drug Retailers, Oil Equipment, Services & Distribution and Construction & Materials sectors led the lost.

Commodities trader Glencore's share price slumped by 4.19 percent topped the losers of the blue chips.

Share prices of WM Morrison Supermarkets, Marks & Spencer, Antofagasta and Capita declined by 4.18 percent, 2.28 percent, 2.14 percent and 1.64 percent respectively.

Miner BHP Billiton led the top gainers of the blue chips with a share price increase of 1.56 percent, followed by ARM Holdings (1.50 percent), International Consolidated Airlines Group (1.37 percent), Hargreaves Lansdown (1.28 percent) and Rio Tinto (1.11 percent).

The trading volume in FTSE 100 companies was around 28 percent less than its 30-day average. And the index has lost 4.29 percent so far this year.

The broader FTSE All-Share Index lost 0.48 percent. Endit