Indian benchmark indices erase early gains and end flat on Thursday
Negative cues from the European market left their impact on the Indian market.
Among the Sensex stocks, GAIL, BHEL, Adani Ports, ONGC and Bajaj Auto were top gainers while Lupin, Cipla, HDFC and Sun Pharma were among the losers.
The US Federal Reserve (the Fed) cut its outlook for the nation's economy and kept its interest rate policy unchanged on Wednesday largely due to impact of the global slowdown and turmoil in world markets, according to reports.
In a statement issued after the meeting, the Fed said that its Open Market Committee has "decided to maintain the target range for the federal funds rate at 1/4 to 1/2 percent. The stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation."
The Open Market Committee decides the level of interest rates.
On Friday, Maharashtra-based specialty wire ropes manufacturer Bharat Wire Ropes will come up with a Rs 70 crore initial public offering (IPO); it has fixed the price band at Rs 40-45 for the IPO. The company plans to utilise the money for setting up a monaufacturing plant in Maharashtra and for other corporate purposes.
Image: Wikimedia Commons
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