BENGALURU, Nov 29 (Reuters) - Indian shares traded flat
after opening lower in a volatile session on Monday on gains in
heavyweight Reliance as well as metal and technology stocks amid
a global market rebound on hopes that the new coronavirus
variant would likely be mild.
Earlier in the day, the main bourses fell more than 1% each
to hit their three-month lows but pared losses. By 0518 GMT,
blue-chip NSE Nifty 50 index was down 0.15% at
17,000.40, while the benchmark S&P BSE Sensex slid
0.05% to 57,090.06.
"After last week's fall, we are seeing some volatility in
the markets. However, sentiment is steadying globally after
reports that the new coronavirus variant may not be as lethal as
first thought," said Ajit Mishra, VP Research, Religare Broking.
Mishra also said that all sectors, barring pharma, are
seeing some pressure, and stocks of hotels, aviation and
multiplex chains were likely to be the most affected on the
Reliance Industries led gains for the blue-chip
index, rising as much as 3.6%. The company's telecom venture,
Jio, said https://www.bseindia.com/xml-data/corpfiling/AttachLive/0834379b-a9e2-4b91-bed5-e2b73cc7f507.pdf
on Sunday it will raise its prepaid tariffs by 21%, matching
hikes by rivals Bharti Airtel and Vodafone Idea Ltd
Separately, the Economic Times newspaper reported on Monday
that the conglomerate, controlled by billionaire Mukesh Ambani,
was considering an offer to buy into British telecom firm BT
Shares of One 97 Communications Ltd, the parent of
fintech firm Paytm, fell as much as 4.6% after saying its net
loss for the September quarter widened by 8.4%. The company
reported its earnings publicly for the first time since its
stock market debut this month.
PNB Housing Finance jumped 5% after media reports
last week that private equity firm Baring Asia Baring Asia had
offered buy Carlyle Group's stake in the company.
Carlyle currently owns a 32.15% stake in the company and is
its second-largest shareholder.
Energy, auto, and banking indexes
were among the worst performers, all down about 0.6%
each, while IT and metal stocks added
Looking ahead, India's economic growth data is in focus as
it reports GDP data for the July-September period at 1200 GMT on
(Reporting by Vishwadha Chander in Bengaluru; editing by