(Yicai Global) March 20 -- China's mainland stock markets recovered from a sudden dive during afternoon trading with large caps driving the three main indexes as investors awaited the outcome of today's US Federal Reserve meeting.

The Shanghai Composite Index was almost even at 3,090.64 at the close, with CNY349.2 billion (USD52 billion) worth of shares swapping hands, while the Shenzhen Component Index closed at 9800.60, down 0.4 percent, with turnover of CNY430.6 billion. The ChiNext Price Index, which tracks growth enterprises in Shenzhen, closed down 1.23 percent at 1,687.90 points as investors traded CNY119.7 billion of shares.

All three indexes were down by more than 1 percent at lunch, with the small cap-dominated ChiNext index sinking as much as 3 percent.

Trading volume was on par with yesterday as investors awaited the results of the Fed meeting, which was held yesterday and whose public result will be reported at 2 p.m. Eastern Time today. The Fed is expected to maintain current interest rates but the statement will inform of policymakers' attitude toward future movements.

Large cap securities brokers, property developers and insurance companies performed well in the afternoon, closing up 1.36 percent, 0.63 percent and 0.46 percent.

Editor: James Boynton