Markets end flat; eye US Fed meet outcome

Updated: Wednesday, March 19, 2014, 15:30 [IST]

Markets ended the day flat ahead of the US Federal Reserve meet announcement due later today, which is likely to provide hints on QE3 easing and economic growth expectations in the US. The Sensex closed with gain of 2 points (provisional), while the Nifty ended the day higher by 7 points.

Among the top Nifty gainers that lent support to the markets were Reliance Industries and ITC. Metal stocks were the clear out performers in trade with Hindalco and Tata Steel both gaining more than four per cent each. Other metal stocks that gained in trade were Sesa Sterlite and Jindal Steel.

Software stocks exhibited a very weak trend after Tata Consultancy Services (TCS) projected a muted growth for Q4 2014. TCS ended the day lower by almost 4 per cent, while Infosys lost more than 2 per cent in trade.

HCL Tech was the other software stock that lost ground in trade. Banking stocks continued to trend higher with Punjab National Bank and Axis Bank among the clear winners.

Polaris Software was locked at the upper end of the circuit filter after the company said it was splitting its units into two.

Real estate stocks saw some selling pressure with Sobha Developers among the top loser. Mid cap stocks had a good day in trade with Bata India and Voltas gaining ground.

Meanwhile, markets across Asia ended the day with losses awaiting cues from the US Federal Reserve. The Taiwan Weighted, Seoul Composite and the Hong Kong's Hang Sang all ended the day lower.

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