Hi Karthik,
Could you clarify what you mean exactly? What would you like to do in case a status code, which indicates an error, is received?
What happens by default is that any response code beginning with 4 or 5 (e.g. good old 404) causes the script to generate an error and quit. You can change that behavior by checking the "continue on error" checkbox in the "Miscellaneous" section of the Run-time settings.