Indian shares end flat; fall in HDFC Bank offsets IT gains
Updates at close
By Bharath Rajeswaran and Hritam Mukherjee
BENGALURU, July 4 (Reuters) -Indian shares ended Thursday on a flat note as a drop in heavyweight HDFC Bank RIC offset gains across sectors, led by information technology stocks, on fresh hopes of a rate cut by the US Federal Reserve.
The NSE Nifty 50 .NSEI settled up 0.06% at 24,302.15 points, while the S&P BSE Sensex .BSESN added 0.08% to 80,049.67.
Both the benchmarks rose about 0.6% to hit record highs for the third session in a row on Thursday.
The broader, more domestically focussed small- .NIFSMCP100 and mid-caps .NIFMDCP100 rose about 0.5% each, outperforming the benchmarks.
Nine out of the 13 major sectors logged gains on the day.
Top private lender HDFC Bank HDBK.NS fell 2.35% after a three-session winning streak in which it rose about 5% on hopes of its weightage in the MSCI Emerging Markets index being increased
U.S. rate-sensitive IT stocks .NIFTYIT rose 1.1%. IT companies, which earn a significant share of their revenue from the U.S., stand to benefit from an early rate cut, according to analysts.
The gains in IT stocks comes after investors renewed their bets that the Federal Reserve could begin cutting rates in September following soft labour market data in the U.S.. GLOB/MKTS
Higher Fed rate makes emerging markets equities unattractive for foreign investors as elevated U.S. bond yields offer safety over riskier assets.
Pharma stocks .NIPHARM added 1.39%, and was the top sectoral percentage gainer, driven by Lupin LUPN.NS which ended about 8% higher after a Kotak double upgrade , citing robust earnings outlook.
Sun Pharma SUN.NS and Zydus Lifeciences ZYDU.NS rose 1.56% and 3.82%, respectively after getting tentative approvals from European and U.S. drug regulators for key drugs.
Third heaviest Nifty 50 stock - ICICI Bank ICBK.NS gained 2.61% on multiple block deals at a premium over last close.
Reporting by Hritam Mukherjee and Bharath Rajeswaran in Bengaluru; Editing by Mrigank Dhaniwala, Janane Venkatraman and Nivedita Bhattacharjee
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