* NSE index down 0.03 pct, BSE index 0.21 pct higher
* Asian shares fall after Yellen comments
* Bank shares gain; ICICI Bank up 7 pct
Oct 17 - Indian shares swung between gains and losses on
Monday as investors braced themselves for a tepid quarterly
earnings season, with global equity markets trading lower after
Federal Reserve Chair Janet Yellen's comments on the U.S.
Yellen, in a speech at a conference of policymakers and
academics, laid out the deepening concern at the Fed that U.S.
economic potential is slipping - and may need aggressive steps
Markets back home were a bit groggy after September-quarter
results of Tata Consultancy Services and Infosys
- two of India's biggest software exporters - failed
to cheer investors.
"Earnings will definitely remain a key trigger for the
markets and investors are allocating funds depending on how the
earnings will pan out," said Deven Choksey, managing director at
KR Choksey Securities.
This week, companies such as Biocon, Reliance
Industries, ACC, Wipro and HCL
Technologies are slated to report quarterly results.
The benchmark BSE index was 0.21 percent higher at
27,728.54 as of 0546 GMT, after easing marginally earlier in the
The broader NSE index was down 0.03 percent at
8,581.20 after gaining as much as 0.37 percent earlier in the
Among the gainers, three of the biggest lenders to the Essar
Group rose after the debt-laden company agreed to sell an oil
unit to a consortium led by Russia's Rosneft. Shares
of ICICI Bank jumped 7 percent, Axis Bank
rose 1.7 percent while State Bank of India was up 1.1
State-run oil refiners such as Bharat Petroleum Corp
and Hindustan Petroleum Corp rose more than
1 percent each on a hike in petrol prices.
However, NIIT Technologies declined 3.9 percent
after the IT firm on Saturday said its September-quarter profit
dropped about 9 percent.
Network18 Media & Investments shed 1.4 percent
after its September-quarter consolidated loss widened.
(Reporting by Aastha Agnihotri in Bengaluru; Editing by Sunil