Aust stocks open flat

Local market follows Wall St lead, begins little changed ahead of Fed meeting.

The Australian stock market followed the lead of Wall Street and opened flat as investors wait for the outcome of the Federal Reserve's policy meeting.

At the 1015 AEDT official market open, the benchmark S&P/ASX200 index rose 0.13% to 5,109.7, while the the broader All Ordinaries index gained 0.1% to 5,111.1.

The Federal Open Market Committee is expected to announce the tapering of the Fed's $US85 billion-a-month stimulus program when its two-day meeting concludes on Thursday (Australian time).

Locally, in economic news on Wednesday, Reserve Bank of Australia governor Glenn Stevens is scheduled to appear before the House Economics Committee.

The Westpac-Melbourne Institute Leading Indexes of Economic Activity is due out.

In equities news, Orora Ltd lists in the ASX while ANZ and Ten Network have annual general meetings scheduled.

In Australia, the market on Tuesday managed a slight gain as defensive stocks performed well after the release of the federal government's budget update.

The benchmark S&P/ASX200 index rose 13.6 points, or 0.27%, to 5,103.2.

The broader All Ordinaries index gained 13 points, or 0.26%, to 5,106.1..

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