Indian equity markets opened on a cautious note today as traders positioned themselves ahead of the Federal Reserve's policy announcement. The benchmark indices dipped slightly in early trading, reflecting the broader uncertainty gripping global markets.

Investors are laser-focused on whether the Fed will signal any shift in its monetary stance—a decision that could ripple across emerging markets and risk assets worldwide. With inflation data still mixed and economic indicators sending conflicting signals, today's Fed commentary might set the tone for capital flows in the coming weeks.

The question on everyone's mind: Will policymakers hint at rate cuts, or keep the restrictive stance intact? Either way, markets from Mumbai to Manhattan are bracing for volatility.