Indian shareholders cautious ahead of quarterly earnings, economic data

india trader
Traders work at a brokerage in Mumbai, India. Reuters

India shares were little changed as investors turned cautious ahead of the quarterly results starting Thursday.

Rally in Asian shares petered out while bond markets reeled under losses amidst news reports that senior officials in Beijing have recommended slowing or halting purchases of U.S. bonds.

MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.5 percent, slipping further from Tuesday's 10-year peak. Japan's Nikkei also lost 0.5 percent, Reuters data showed.

At 0610 GMT, the S&P BSE Sensex added 0.04 percent at 34,448 while the broader NSE Nifty gained 0.01 percent to 10,632.

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Traders were also cautious ahead of the Index of Industrial Production (IIP) data for November and Consumer Price Inflation (CPI) for December due on January 12.

Among the top Sensex fallers, Axis Bank dropped 1.1 percent, ICICI Bank fell 1 percent, Coal India lost 0.8 percent while Wipro was down 0.7 percent.

Tata Consultancy Services lost 0.5 percent ahead of its earnings due later in the day. The company is expected to post a net profit of Rs6532.70 crore on net sales of Rs31041.70 crore, according to Bloomberg estimate.

Jindal Steel and Power lost 2 percent after Central Bureau of Investigation levied bribery charge against Naveen Jindal for irregularities in the allocation of a Jharkhand coal block.

But Welspun Enterprises gained 2 percent after the company entered into a concession pact with Madhya Pradesh government for Dewas water supply project.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

This article was first published on January 11, 2018