BENGALURU, Aug 12 (Reuters) - Indian shares steadied on
Friday and were on track to end higher for a fourth straight
week driven by strength in metal stocks, while investors awaited
domestic inflation data for July due later.
The NSE Nifty 50 index was up 0.01% at 17,660.45, as
of 0425 GMT, and the S&P BSE Sensex fell 0.02% to
Technology stocks weighed on the market, although the
benchmark indexes were on their way to register the longest
winning streak since January.
In the past four weeks and including Friday's session, both
the BSE Sensex and NSE climbed over 5%, and were up nearly 1.8%
year-to-date, data showed.
Markets were shut on Tuesday for a local holiday.
Market participants watched for Consumer Price Index (CPI)
data scheduled after market close.
A Reuters poll showed 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 of 6%
for a seventh consecutive month.
In Mumbai trading, Nifty's metal index and
energy index climbed 1.84% and 1.16%, respectively,
while IT index declined 0.75%.
Among top-performers on the Nifty 50, state-owned oil
producer Oil and Natural Gas Corp climbed nearly 4%
ahead of its quarterly earnings results and Tata Steel
Apollo Hospitals Enterprise dropped 2.4%. The
company late on Thursday reported a 35% fall in quarterly
"The Nifty would see some kind of profit booking attempts
ahead of a long weekend and as it gained almost 1500 points in
last eight trading session," said Prashanth Tapse, research
analyst at Mehta Equities.
Indian markets will be closed on Monday.
Broader Asian equities tracked Wall Street's overnight
weakness as investors were jittery over uncertainty around the
pace of interest rate hikes by the Federal Reserve to tackle
inflation despite some softness last month.
(Reporting by Rama Venkat in Bengaluru;
Editing by Dhanya Ann Thoppil and Neha Arora)