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Indian shares little changed; earnings season awaited
April 10, 2017 / 6:45 AM / 8 months ago

Indian shares little changed; earnings season awaited

* NSE index up 0.18 pct, BSE index 0.11 pct higher

* Markets taking a breather - analyst

* Indian Oil Corp hits record high

By Tanvi Mehta

April 10 (Reuters) - Indian shares were little changed on Monday as investors waited for cues from the March-quarter corporate results season before taking any large positions.

Indian shares have gained in double-digits so far this year, sending the broader NSE index to a record high of 9,273.90 last week, on the back of strong foreign investments and hopes for additional economic reforms.

Analysts said the January-March earnings would likely be key to determine whether those gains can be sustained.

Infosys Ltd, the country’s second largest software services company, will start the earnings season on Thursday.

“Markets are taking a breather, possibly, we will take some directional call from then onwards,” said Gaurang Shah, Vice President, Geojit Financial Services.

“It’s only prudent that we consolidate for some time, given the run-up that we’ve seen.”

The broader NSE index was up 0.18 percent at 9,215.15 as of 0558 GMT, helped by gains in energy stocks.

The benchmark BSE index was 0.11 percent higher at 29,739.05.

Indian Oil Corp Ltd rose as much as 3.3 percent to a record high. It gained 3 percent on Friday after a report that state-run oil marketing companies were mulling a plan that would allow daily changes in the price of automotive fuels.

Bhushan Steel Ltd surged as much as 8.3 percent to its highest since Aug 10, 2015 after Business Standard reported that the company last month submitted its final proposal for debt restructuring under the central bank’s S4A scheme.

However, Reliance Communications Ltd fell as much as 4.1 percent after the Economic Times newspaper reported on Saturday that the company laid off more than 600 roles, citing people familiar with the matter. (Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu Sahu)

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