Indian shares muted as global growth, trade worries weigh

Indian shares were little changed on Wednesday, mirroring broader Asian markets where investors stayed away from risky assets, with losses in IT and financial stocks countering gains in consumer stocks.

Economic data published over the last 24 hours, including US home sales and Japan’s trade data, all pointed to a rough year ahead for the world economy, while sentiment was further dented by a report that the United States rejected an offer from China for preparatory trade talks.

The broader NSE index was down 0.02 per cent at 10,920.8 as of 0508 GMT, while the benchmark BSE index was 0.08 per cent lower at 36,415.9, reports Reuters.

IT giants Infosys Ltd and Tata Consultancy Services Ltd fell over 1.0 per cent each, as the Indian rupee strengthened against the dollar.

Rival Wipro Ltd, however, rose 2.0 per cent to its highest in nearly 19 years.

Private-sector lender Kotak Mahindra Bank Ltd fell 1.5 per cent after four straight sessions of gains, and was among the biggest drags on the NSE index.

Ahead of their quarterly results, ITC Ltd and telecom tower company Bharti Infratel Ltd edged up, while Interglobe Aviation Ltd, which operates budget airline IndiGo, fell 2.2 per cent.

Zee Entertainment Enterprises Ltd, up 3.4 per cent, was the top gainer.

Sun Pharmaceutical Industries Ltd, India’s top drugmaker by market value, fell 1.7 per cent. A report said the country’s market regulator was probing the company over whistleblower charges.