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Sensex flat; financials, auto stocks gain
Indian shares were largely flat on Tuesday as gains in financial and auto stocks offset losses in the technology sector, while investors awaited key earnings reports due later in the week.
Indian shares were largely flat on Tuesday as gains in financial and auto stocks offset losses in the technology sector, while investors awaited key earnings reports due later in the week.
Tata Communications (TATA.NS) and Ambuja Cements (ABUJ.NS) are among the companies scheduled to report results later in the week.
"For consumer consumption, consumer durables and FMCG, good monsoon, discretionary spending going up and pay commission are good triggers that will continue to drive markets," said Gaurang Shah, vice president, Geojit BNP Paribas Financial Services.
The broader NSE Nifty, which rose as much as 0.32 percent, pared some gains to trade up 0.07 percent at 8,631.85 as of 0545 GMT.
The benchmark BSE Sensex was down 0.03 percent at 27,921.42.
The Nifty Auto index was up 0.25 percent, with Eicher Motors (EICH.NS) being the top percentage gainer after it reported a 33 percent rise in October total motorcycle sales.
The sub-index has surged about 22 percent so far this year on hopes that consumers would buy more vehicles on the back of good monsoon rains and the approval of the 7th Pay Commission's proposal to raise salaries and pensions for federal government employees.
Shares of Bharti Infratel (BHRI.NS) rose as much as 3.14 percent after Economic Times reported on Monday that KKR & Co (KKR.N) and Canada Pension Plan Investment Board (CPPIB) were in talks to acquire a stake for $4 billion (266.86 bln rupees).
The Nifty IT index was down 0.59 percent, heading for a sixth straight session of losses. The index fell 2.4 percent in October.
The market is also watching global cues, with the U.S. Federal Reserve's meeting set to begin on Tuesday, which could provide clues on a December rate hike.
The Bank of Japan on Tuesday held off on expanding stimulus and maintained short-term interest rate target, while the Reserve Bank of Australia will issue its policy decision later in the day.
Indian stock markets ended lower on Sunday in a brief session of so-called "muhurat" trading on account of the festival of Diwali. Markets were shut on Monday.
