Clouds are seen over the Bombay Stock Exchange (BSE) building in Mumbai, India May 25, 2016. REUTERS/Danish Siddiqui
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BENGALURU, March 23 (Reuters) – Indian shares were little changed on Wednesday as cautious investors kept an eye on crude prices and geopolitical events in the absence of any major domestic triggers.
By 0504 GMT, the blue-chip NSE Nifty 50 index (.NSEI) was up 0.11% at 17,334.45, while the benchmark S&P BSE Sensex (.BSESN) had gained 0.10% to 58,046.43.
After falling nearly 1% on Monday and extending those losses into the first half of Tuesday — due to higher oil prices — both the indexes staged a mid-day reversal to end more than 1% higher as investors bought into the dip.
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While the Nifty and Sensex built on the upbeat momentum in early trading on Wednesday, markets have now given up most gains.
“Markets are not going to be that bullish today and there could be some kind of consolidation,” said Devarsh Vakil, deputy head of retail research at HDFC Securities.
“As such, we have risen a lot from (recent) lows. So, it is better to digest these gains,” he added.
Earlier this month, the indexes hit their lowest levels since late-July, but they have since risen about 11% each.
In Mumbai, gains in pharmaceutical and metal stocks offset losses in automobile companies.
The Nifty Pharma Index (.NIPHARM) was up 1.27%, with pharma major Dr Reddy’s Laboratories (REDY.NS) rising 3% and topping the Nifty 50 percentage gainers.
The Nifty Metal Index (.NIFTYMET) rose 0.49%, with aluminium and copper producer Hindalco Industries (HALC.NS) adding 2.3%. Global commodity prices remained high on potential supply hits due to the Ukraine conflict.
The Nifty Auto Index (.NIFTYAUTO) dropped 0.56% and was on track for its second session of losses in three.
Meanwhile, broader Asian markets hit their highest levels since March 4 as investors moved cash back into equities from bonds in preparation for the U.S. Federal Reserve’s aggressive approach to combat inflation.
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Reporting by Anuron Kumar Mitra in Bengaluru; editing by Uttaresh.V
Our Standards: The Thomson Reuters Trust Principles.
