US mkts end flat amid more rate cut hopes

CNBC-TV18's Indira Kannan - After wave going back and forth, the bluechip Index (Dow Jones) closed about 10-points higher, the Nasdaq also gained marginally while the broader S&P 500 slipped into the red. The dollar sank to new lows against the euro and in the bond market treasury prices climbed. Crude futures lost about a dollar to finish just under a USD 100/bbl and gold futures surged.
 
The Fed Reserve Chairman Ben Bernanke told US Lawmakers that economic growth was slowing and that troubles in the housing sector were spilling over into the broader economy. The Wall Street picked up signals for a further rate cut when the Fed meets next month.
 
In Indian ADRs, the tech sector was mixed with Satyam Computers being the soul gainer, Infosys and Patni Computers finished lower while Wipro was flat. The banking was mixed as well with HDFC Bank gained 3% and ICICI Bank lost over a percent. In telecom MTNL was up marginally, while Tata Communications lost over a percent. Tata Motors and Sterlite also finished in the red while Dr Reddy’s labs was up marginally.