* NSE index down 0.04 pct, BSE index 0.02 pct lower
* Asian stocks waver on monetary policy uncertainties
* Bank stocks drop: SBI down 0.9 pct, Axis Bank down 2.1 pct
* Reliance Communications falls as much as 1.5 pct
Sept 15 Indian shares swung between gains and
losses on Thursday, tracking muted regional stock markets, as
concerns over the global central banks' ability to stimulate
growth continued to hurt risk-appetite.
Perceived limits to the extensive monetary easings led by
major central banks such as the European Central Bank and the
Bank of Japan have soured broader risk sentiment.
MSCI's broadest index of Asia-Pacific shares outside Japan
edged down 0.1 percent with Japan's Nikkei
falling more than 1 percent to a three-week low.
Sentiment back home was also frail as investors took a
breather after indexes hit 18-month high last week, helped by
Foreign investors have been buying into Indian shares as
part of a shift to higher-yielding emerging markets, bringing
the total net investments to $6.31 billion so far this year.
"What we are seeing now is some amount of consolidation and
a slightly range-bound market which should continue through the
next trading session, on the back of uncertainties surrounding
major central banks' moves," said Gaurang Shah, vice president,
Geojit BNP Paribas Financial Services.
At 0551 GMT, the broader NSE index was down 0.04
percent at 8,722.75. It rose as much as 0.26 percent earlier in
The benchmark BSE index declined 0.02 percent at
28,365.38. The index gained as much as 0.21 percent earlier in
Bank stocks were the biggest drag on the indexes, with the
Nifty Bank Index declining as much as 0.74 percent
after gaining 0.60 percent in the previous session.
State Bank of India fell 0.9 percent, ICICI Bank
declined 0.6 percent, while Axis Bank lost
Reliance Communications Ltd gained as much as 3.6
percent in early trading before shedding up to 1.5 percent. The
company said on Wednesday that it would combine its wireless
business with smaller rival Aircel.
Analysts at HSBC said they believe that the overall
integration may be "tricky" as the companies would need to
decide on issues related to branding.
"The primary focus of the merged entity is likely to be debt
reduction and this may raise concerns on their ability to retain
subscribers," the analysts said.
Among the gainers, state-run trading firm MMTC Ltd
rose as much as 7.5 percent to its highest since July 14, after
its June-quarter loss narrowed.
(Reporting by Samantha Kareen Nair in Bengaluru; Editing by