Indian shares flat after nine-session rally to near record highs

Reuters

Indian shares flat after nine-session rally to near record highs

2024 8월 28 일, 오전 5:19 GMT

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Updates at 10:46 a.m. IST

By Bharath Rajeswaran

BENGALURU, Aug 28 (Reuters) -Indian shares were little changed on Wednesday, after a nine-session rally that left the benchmark Nifty 50 just shy of record highs, and analysts expect the market to drift ahead of key macroeconomic data later this week.

The NSE Nifty 50 index .NSEI sheda marginal 0.01% at 25,015.18 as of 10:46 a.m. IST. The S&P BSE Sensex .BSESN also dropped 0.01% to 81,712.

The Nifty 50 has added about 3.6% in the previous nine sessions, its longest daily winning run in 16 months. It is currently 60 points shy of its record high.

"While there will be occasional profit booking in select sectors at near record high levels like we are seeing in this session, markets will continue to demonstrate resilience and scale record highs anytime soon," said Deven Choksey, managing director of DRChoksey FinServ.

Foreign investors (FII) remained net buyers for a fourth session in a row on Tuesday. Domestic investors (DII) were net sellers, but only after having bought $5.8 billion of shares in the previous 16 sessions, boosting liquidity.

"Steady earnings growth and ample liquidity in the markets will continue to act as catalysts for further rise," Choksey said.

But, after the recent rally, the markets are likely to trade near current levels ahead of domestic quarterly growth and U.S. inflation readings later in the week, Choksey and two equity analysts said.

Eleven of the 13 major sectors logged losses. Financials .NIFTYFIN, which hasthe most weightage, lost about 0.35%.

However, IT stocks .NIFTYIT, which have the second-highest weightage, gained about 1.6%.

LTIMindtree LTIM.NS rose 6.2%, the most among IT stocks and the on the Nifty 50, after Kotak Institutional Equities upgraded the stock to "add" from "reduce".

NBCC NBCC.NS jumped 6% on plans to consider issuing bonus shares. It led gainerson the small-cap index .NIFSMCP100, which rose 0.25%. The mid-cap index .NIFMDCP100 was flat.

($1 = 83.9350 Indian rupees)

Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema and Savio D'Souza

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