BENGALURU, Aug 10 (Reuters) - Indian shares ended little
changed on Wednesday, as losses in technology stocks offet most
of the gains in metals, while investors looked ahead to U.S.
inflation data for clues on the pace of rate hikes from the
At close, the NSE Nifty 50 index was up 0.06% at
17,534.75, and the S&P BSE Sensex fell 0.06% to
58,817.29. The benchmark indexes swayed between gains and losses
after hovering in early trade at near four-month highs hit in
the previous session. Indian markets were closed on Tuesday for
"We are seeing some sort of cautiousness in domestic
equities because of the strong U.S. jobs data last week
increasing probability of a bigger-sized rate hike by the
Federal Reserve," said Shrikant Chouhan, head of retail equity
research at Kotak Securities.
The market is likely to remain range-bound as investors look
for the U.S. Consumer Price Index numbers, which will come in
the evening, he added.
In Mumbai trading, Nifty's metal index closed
1.62% higher after scaling three-month highs earlier in the
Hindalco Industries closed 4.4% higher and was the
top Nifty 50 gainer. The aluminium and copper producer reported
a near 48% jump in quarterly profit. (https://bit.ly/3zLSDmH)
State-run coal miner Coal India rose 2.1% ahead of
its quarterly earnings.
Nifty IT index, countering some of the gains, was
the worst-performing sector and closed 0.89% lower, suffering a
second straight session of loss.
Meanwhile, a Reuters poll showed that India's retail
inflation likely eased in July due to a fall in food and fuel
prices but stayed well above the Reserve Bank of India's upper
tolerance limit for a seventh consecutive month. The domestic
Consumer Price Index data is due on Friday.
Globally, equities markets were rattled on Wednesday as
investors were reluctant to place bets ahead of U.S. inflation
data later in the day.
(Reporting by Rama Venkat in Bengaluru; Editing by Saumyadeb
Chakrabarty and Dhanya Ann Thoppil)