Date:19/03/2008 URL: http://www.thehindu.com/2008/03/19/stories/2008031960412100.htm

Business

Markets end flat, all eyes on U.S. Fed move

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Tuesday closed almost flat on small bouts of trading amid speculation that the U.S. Federal Reserve may announce yet another interest rate cut on Wednesday.

Marketmen said investors preferred to wait for Fed’s decision before indulging in selling or buying.

The 30-share Sensex, which recorded the second biggest fall of 951 points in the previous day’s trading, gained a moderate 23.97 points at 14833.46. The key index touched a low of 14677.24 and a high of 15169.61. Analysts said Fed’s decision would have a direct bearing on market sentiment and it could either lift the market up or push it down in the near term. The wide-based National Stock Exchange index Nifty rose by 29.90 points to 4533. It touched the day’s low of 4468.55 and a high of 4617.95. Trading volumes turned weak as funds refrained from enlarging their positions ahead of the crucial Fed meeting, marketmen said.

Trading was confined to select sectors such as capital goods, realty, oils and gas, metals, bank and consumer durables. — PTI

World markets look up

World stocks were mostly higher on Tuesday ahead of a key U.S. Federal Reserve interest rate decision following sharp declines in Europe and Asia the day before amid credit-crisis fears.