November 13, 2019 / 6:45 AM / 5 months ago

UPDATE 1-Indian shares flat, retail inflation data eyed

* NSE Nifty 50 index, S&P BSE Sensex mostly unchanged

* Britannia Industries gains as much as 5.75% (Adds quote, updates indices’ movement)

By Sethuraman N R

Nov 13 (Reuters) - Indian shares pared early gains to trade flat on Wednesday, weighed down by weak factory output data and a falling rupee, with investors awaiting retail inflation data due later in the day.

India’s industrial output fell at the fastest pace in over six years in September, adding to a series of weak indicators that suggests the country’s economic slowdown is deep-rooted and interest rate cuts alone may not be enough to revive growth.

“IIP numbers (were weak) and the rupee is also weakening ... markets have reached a level where people will be looking to book some profits,” said Krish Subramanyam, an equity adviser at Altamount Capital.

The rupee weakened to 71.70 against the dollar by 0622 GMT.

Markets await consumer price index data, due later in the day.

The retail inflation probably exceeded the Reserve Bank of India’s (RBI) medium-term target of 4% in October for the first time in 15 months, mainly because of rising vegetable prices, a Reuters poll of economists showed.

The NSE Nifty 50 index was mostly flat at 11,909 as of 0615 GMT, after rising as much as 0.3%. The S&P BSE Sensex was also little changed at 40,367.

Shares of India’s Britannia Industries were up as much as 5.75% as it posted a higher consolidated net profit for the September quarter on Monday and was the top gainer on Nifty. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Shailesh Kuber and Uttaresh.V)

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