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Following a nasty surprise, some now think they may come only after the presidential election

Among Sensex stocks, Bajaj Finance and Infosys were the top laggards, falling over 1% each. Tech Mahindra, ICICI Bank, Nestle, and TCS also ended with cuts, while M&M, JSW Steel, NTPC, Power Grid Corp, and IndusInd bank closed with gains.

That more elevated future rate path reflects that the economy is holding up better than expected in the face of the Fed's policy changes so far: Officials forecast stronger growth, lower unemployment and slower inflation at the end of 2023 than they had earlier predicted.

Fed officials will release economic projections after their gathering this week, which takes place Tuesday and Wednesday, offering a fresh look at whether most policymakers still think one final rate increase is likely to be necessary. The projections will also show how officials are interpreting a confusing moment in the economy, when consumer spending has been stronger than many economists expected even as inflation has cooled down a bit more quickly.

The dollar index was down 0.1% against its peers, lending gold some support after bullion prices dropped on Tuesday to their lowest level since Aug. 25 at $1,906.50.