Indian shares nearly flat in thin trade

Published: May 13, 2019 14:35:37 | Updated: May 16, 2019 10:51:31

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Indian shares were largely unchanged on Monday in thin trade, as gains in index heavyweights such as ITC Ltd and Tata Consultancy Services Ltd offset losses in Larsen and Toubro Ltd after it posted lower-than-expected quarterly profit.

Cigarette maker ITC rose nearly 2.0 per cent in early trade ahead of its March-quarter results scheduled later in the day. The stock was on track to post its first gain in five sessions. TCS gained nearly 1.5 per cent.

L&T fell 2.6 per cent after its March-quarter profit fell short of street estimates and the conglomerate warned that disruptions in decision making processes due to elections in India could impact operating parameters in first half of 2019-20, reports Reuters.

The broader NSE Nifty was down 0.08 per cent at 11,268 as of 0614 GMT, while the benchmark BSE Sensex was 0.05 per cent higher at 37,482.6.

The NSE Nifty is on track for a ninth straight session of fall and has already lost 4.0 per cent in May.

However, an analyst says going long would pay dividends in this market.

Asian shares slid over fears of global economic growth after trade negotiations between the US and China appeared at a deadlock.

MSCI’s broadest index of Asia-Pacific shares outside Japan had dropped 0.5 per cent.

State-run Allahabad Bank Ltd fell nearly 6.0 per cent after its March-quarter loss widened while provision it set aside for bad loans also grew.

Technology company Vakrangee Ltd dropped 5 per cent to its lowest in over a month after reporting a 12-fold fall in quarterly profit on Friday.

Among gainers, PC Jeweller Ltd climbed over 4%after board approved the demerger of its exports division.

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