The US markets closed mostly flat on Monday, with index rallying the most last week since January 2013. Stocks have historically started to climb before GDP, anticipating economic expansions by an average of two months. This week, markets will focus on the Federal Open Market Committee meeting, where the central bank is expected to announce the end of quantitative easing. Traders will be looking to see if the Fed drops the considerable period language in referencing its plans keeping rates low, at its two-day policy meeting, which concludes on Wednesday. As several Fed officials have come out with dovish comments recently, investors largely expect that guidance to be reiterated. On the economy front, a gauge of pending home sales rose 0.3% in September, hitting the second highest level for this year, showing that upcoming closings of existing homes are likely to pick up. The index of pending home sales reached a seasonally adjusted 105 in September, compared with 104.7 in August. Slower price growth and more homes for sale are likely supporting pending home sales.
Dow Jones Industrial Average added 12.53 points or 0.07 percent to 16,817.94, Nasdaq was up by 2.21 points or 0.05 percent to 4,485.93, while S&P 500 ended lower by 2.95 points or 0.15 percent to 1,961.63.
The Indian ADRs closed mixed on Monday; ICICI Bank was up 0.42%, HDFC Bank was up by 0.32% and Wipro was up by 0.13%. On the other hand, Tata Motors was down 0.73% and Infosys was down by 0.23%.