Indian stocks tread water ahead of key macro events

Published: November 26, 2018 12:34:26 | Updated: November 28, 2018 11:54:26

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Indian shares were little changed on Monday, with gains in financial stocks outweighed by the losses in IT, as investors stayed away from big bets amid caution ahead of key macro events later in the week.

Asian stocks and US equity futures posted modest gains on Monday on hopes of solid US holiday sales, though plunging oil prices fanned worries about a dimming outlook for the global economy.

Oil prices steadied after plunging nearly 8.0 per cent in the previous session, but were under pressure with Brent crude below $60 per barrel amid weak fundamentals and struggling financial markets.

There was also some cautiousness ahead of the release of the gross domestic product data for the September quarter and expiry of futures and options contract later this week.

The broader NSE index was down 0.01 per cent at 10,525.90 as of 0533 GMT, with Yes Bank Ltd’s stock as the top percentage loser.

The benchmark BSE index was 0.06 per cent higher at 35,002.67, reports Reuters.

Private sector lenders such as HDFC Bank and Axis Bank Ltd were among the top boost to the index.

Fast moving consumer goods giants ITC Ltd and Hindustan Unilever Ltd were among the other contributors, with shares up nearly 1.0 per cent each.

IT stocks dragged the markets down, with the Nifty IT index down 1.4 per cent. Shares of Tech Mahindra Ltd and Infosys Ltd fell around two per cent each.

The aviation sector also witnessed some cheer after oil prices fell, with stocks of InterGlobe Aviation Ltd and SpiceJet Ltd up around two percent each, while those of Jet Airways Ltd gained as much as 3.4 per cent.

Indian markets were shut on Friday for a public holiday.

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