March 16 (Reuters) - The S&P 500 and the Dow saw a muted open on Tuesday as investors remained on the sidelines ahead of the Federal Reserve’s two-day policy meeting against the backdrop of rising borrowing costs. The Dow Jones Industrial Average rose 13.3 points, or 0.04%, at the open to 32966.75. The S&P 500 rose 4.7 points, or 0.12%, at the open to 3973.59, while the Nasdaq Composite rose 63.5 points, or 0.47%, to 13523.173 at the opening bell. (Reporting by Shashank Nayar in Bengaluru; Editing by Maju Samuel)