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Indian shares flat; all eyes on TCS earnings, buyback decision

BENGALURU, Oct 7 (Reuters) - Indian shares were flat in early trade on Wednesday as investors awaited the second-quarter earnings season to be kicked off by IT bellwether Tata Consultancy Services, while fading hopes of a U.S. stimulus package weighed on the broader sentiment.

The NSE Nifty 50 index fell 0.12% to 11,648.45 as of 0350 GMT, while the S&P BSE Sensex was down 0.19%% to 39,500.19.

U.S. President Donald Trump, still being treated for COVID-19, abruptly ended talks with Democrats on an economic aid package on Tuesday.

The Trump administration on Wednesday also announced a rule that would likely curb U.S. companies’ use of skilled foreign workers, by narrowing the definition of “specialty occupations” eligible for H-1B visas and require companies to pay higher wages to workers enrolled in the H-1B visa program.

The Nifty IT index was trading 0.14% lower, with Infosys and Wipro down 1.03% and 0.92%, respectively.

Shares of Tata Consultancy Services, however, rose as much as 1.8% to a record high ahead of its quarterly results, with investors waiting for the company to give details on a highly-anticipated share buyback.

$1 = 73.2930 Indian rupees Reporting by Philip George in Bengaluru; Editing by Rashmi Aich

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