* NSE index down 0.24 pct, BSE index 0.04 pct lower
* NSE bank index set to snap six sessions of gains
* Reliance Industries top percentage gainer
By Samantha Kareen Nair
Feb 27 India's NSE index swung between
gains and losses on Monday, taking a pause after hitting its
highest in nearly two years last week, although market
heavyweight Reliance Industries Ltd surged to a more
than 7-1/2-year high on continued hopes about its telecom unit.
The NSE index was not far from breaching the key 9,000 level
which it last touched on March 4, 2015, although analysts have
warned markets could see a phase of consolidation in the near
term, especially with gross domestic product data due on
Asian shares stayed below 19-month highs with caution
setting in ahead of U.S. President Donald Trump's speech to a
joint session of Congress on Tuesday, where he is expected to
unveil some elements of his plans to cut taxes.
"Investors await key events such as Trump's speech as well
as comments from Federal Reserve officials later in the week,"
said Anand James, chief market strategist at Geojit Financial
The broader NSE index was 0.24 percent lower at 8,918.2 as
of 0613 GMT, after touching its highest since March 4, 2015 on
Thursday. The benchmark BSE index was down 0.04 percent
Markets were closed on Friday for a domestic holiday.
Banks have taken a hit following a six-session rally after
the Economic Times reported that the oil ministry received
several complaints over the past few weeks, claiming banks were
still imposing fees on debit card transactions for fuel despite
a clear instruction from the government not to do so. bit.ly/2leM5oo
The NSE Bank index fell nearly 1 percent with
Axis Bank down 2.7 percent and Bank of India
shedding 1.6 percent.
Meanwhile, Reliance Industries rose as much as 6.3 percent
to its highest since May 18, 2009 after telecom unit Jio said
last week it would start charging for its services in April
after offering them for free for seven months.
GMR Infrastructure Ltd rose as much as 7.4 percent
to its highest since Jan. 6, 2016 after the company said it had
completed strategic debt restructuring of a unit, leaving its
consortium of lenders with 52.4 percent stake.
(Reporting by Samantha Kareen Nair in Bengaluru; Editing by