Indian shares off to a muted start; Hindustan Unilever drops on profit miss
Updates at 9:18 a.m. IST
Oct 24 (Reuters) -Indian shares were off to a muted starton Thursday, as dull earnings and persistent foreign selling weighed, while consumer major Hindustan Unilever fell on smaller-than-expected September quarter profit.
The NSE Nifty 50 .NSEI was 0.01% higher at 24,440.8 points as of 9:18 a.m. IST, while S&P BSE Sensex .BSESN inched up 0.12% to 80,182.32.
The Nifty 50 has lost 1.7% in the threesessions this week and is down about 6% since hitting a record high on Sept. 17, dragged downby foreign selling and largely lacklustre earnings.
Hindustan Unilever HLL.NS dropped 4% after the Dovesoap maker posted a smaller-than-expected quarterly profiton Wednesday, hurt by a slowdown in urban markets and higher costs. FMCG index .NIFTYFMCG fell 1.5% and was the top sectoral loser by percentage.
"Bears continue to assert control as intraday bounces are consistently sold off," said Rajesh Bhosale, equity analyst at Angel One.
Asian markets opened lower, with the MSCI Asia ex-Japan index .MIAPJ0000PUS dropping 0.3%. Wall Street equities settled lower overnight amid investors' reluctance to place major bets ahead of the U.S. presidential election. MKTS/GLOB
Foreign institutional investors were net sellers of Indian shares for the eighteenth straightsession on Wednesday, redirecting funds to China on stimulus measures and relatively cheaper valuations.
Ten of the 13 major sectors logged losses. The broader, more domestically focused small- .NIFSMCP100 and mid-caps .NIFMDCP100 gained 0.4% and 0.2%, respectively.
Among individual stocks,AU Small Finance Bank AUFI.NS rose 3% after posting a higher net profit in the Septemberquarter.
Dr. Lal Pathlabs DLPA.NS jumped 3.7% afterreporting a bigger-than-expected profit in the Septemberquarter on demand for medical tests.
($1 = 84.0730 Indian rupees)
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy
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