* NSE index down 0.03 pct, BSE index 0.04 pct lower
* Investors cautious ahead of quarterly results - analyst
* Aurobindo Pharma up after US FDA approves drug
By Shivam Srivastava
Jan 9 Indian shares were flat on Monday as the
quarterly reporting season kicked in, with investors concerned
that the government's move to ban high-value notes would hit
Software bellwether Tata Consultancy Services Ltd
is due to report results on Thursday, while rival Infosys Ltd
will do so on Friday.
Investors are also awaiting the annual budget due on Feb. 1,
while the country gears up for a slew of state elections,
notably in Uttar Pradesh, India's most populous state.
"Markets are oscillating in a narrow range because budget
movements have already started taking place, and with upcoming
state elections people are expecting populist measures," said
Saurabh Jain, assistant vice-president of research at SMC Global
"Earnings are expected to show negative growth in the
bottomline and I expect the effects of demonetisation to carry
forward into the next fiscal year."
The broader NSE index was down 0.03 percent at
8,241.35 as of 0719 GMT
The benchmark BSE index was 0.04 percent lower at
Recent outperformer Dr. Reddy's Laboratories Ltd
led the decliners with a 3.2 percent drop, after having gained
5.4 percent over the previous two weeks.
Among the gainers, Aurobindo Pharma was up 1
percent, after earlier rising as much as 4.32 percent, following
approval from the U.S. FDA for its generic treatment for
BEML Ltd surged nearly 20 percent, hitting its
highest since Jan. 15, 2016, after the heavy vehicle and railcar
maker said on Friday that the government would divest 26 percent
in the company.
(Reporting by Shivam Srivastava in Bengaluru; Editing by Sunil