Indian shares were little changed on Wednesday, as investors awaited key U.S and domestic inflation data for cues into the rate trajectories of the two countries.
The NSE Nifty 50 added 0.09% to 24,630.85 points as of 10:14 a.m. IST, while the BSE Sensex was up 0.03% to 81,537.02.
The benchmark Nifty 50 traded in a narrow range of less than 170 points in the last two sessions after logging gains in the previous three weeks ended Dec. 6.
“There is a little bit of wait-and-see in the markets ahead of the U.S. and domestic inflation readings,” SMC Global Securities analysts said.
The U.S. inflation data, due later in the day will likely shape the Federal Reserve’s interest rate outlook, which could impact foreign inflows into emerging markets such as India.
Meanwhile, economists expect domestic inflation to have eased in November, a Reuters poll showed. The data is due on Thursday.
Moderation in inflation may allow the Reserve Bank of India to cut interest rates in its next policy meeting in February, amid rising growth concerns, two analysts said. The RBI keptrates unchanged in its policy meeting last week.
Indian shares end flat ahead of US, domestic inflation data
Eight of the 13 major sectors rose. Financials and banks lost about 0.3% each.
Metals rose 1.1% on expectations of monetary policy easing by top consumer China.
The broader, more domestically focussed smallcaps rose 0.3% while midcaps traded flat.
Among individual stocks, Ultratech Cement rose 2.2% after CLSA identified the cement maker as its preferred pick in the sector.
NTPC Green Energy rose 2.3% on winning a 500-megawatt solar power contract.
D-mart stores operator Avenue Supermarts fell 2% after Goldman Sachs lowered target price, citing weakness in revenue growth.
Source: Brecorder
