Polls galore on Fed action: What does it mean for India?

The market is divided on the US Federal Reserve hike on Thursday. News agency polls show a small majority expect a hike; CNBC CFO poll shows less than 25 percent expect a hike; CME Fed Funds Rate Futures likewsie shows expectations of a hike are at around 22 percent.

Polls Galore: Will Fed Hike* Reuters poll shows a small majority expect a rate hike* Bloomberg poll: 56 percent expect hike in September; 14 percent say October;  25 percent say December* CNBC Global CFO Council Poll says 22 percent expect hike in September, 6 percent in October, 28 percent in December* CME Fed Funds Rate Futures show less than 22 percent expect a hike

So what does it mean for the Indian markets?

SCENARIO ONE: Fed hikes and says will be data dependent.