The US markets made mostly a positive close on Wednesday after showing a volatile trend throughout the day, following the release of the minutes of the Federal Reserve's monetary policy meeting in late July. Though, the Dow and S&P managed green close, tech heavy Nasdaq ended in red after surging to its fresh fourteen year high. The market was being driven by the Fed lacking any major economic announcements. At the meeting, the Federal Open Market Committee voted 9-1 to maintain its current policy of very gradually withdrawing stimulus from the US economy. The majority of Fed voters think the central bank should be patient before hiking rates, as slack in the labor market remains a concern. Members also acknowledged other headwinds endure, including erratic improvements in housing and retail spending. Although, most officials don't expect to start raising rates until next year, but the minutes said some members are now making the case for a "relatively prompt" rate hike.
The Dow Jones Industrial Average rose 59.54 points or 0.35 percent to 16,979.13, the S&P 500 inched up by 4.91 points or 0.3 percent to 1,986.51. On the other hand, the Nasdaq edged down 1.03 points or less than a tenth of a percent to 4,526.48.
Indian ADRs ended mostly in green on Wednesday, HDFC Bank was up by 0.31%, ICICI Bank was up by 0.36%, Tata Motors was up by 0.70%, Wipro was up by 0.02% and Infosys was up by 0.37%.
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