Indian shares subdued; DB Realty, Unitech surge after 2G scam verdict

india trader
A stock broker looks at a terminal while trading at a stock brokerage firm in Mumbai. REUTERS

Indian stocks were little changed on Thursday, as gains in pharma stocks were offset by the losses in lenders such as HDFC Bank and Kotak Mahindra Bank.

At 0605 GMT, the S&P BSE Sensex edged down 0.01 percent at 33,773 while the broader NSE Nifty also declined 0.01 percent to 10,443.

Among the top Sensex gainers, Hero MotoCorp rose 1 percent, NTPC gained 0.9 percent, Larsen and Toubro advanced 1.8 percent while Sun Pharma was up 1.2 percent.

DB Realty, Unitech, Sun TV surged after Delhi court acquits all accused in 2G telecom case. Unitech rose 17 percent, Reliance Comm 8 percent, DB Realty surged 20 percent.

Shares of Reliance Nippon Life Asset Management jumped as much as 4.8 percent to Rs 287.9, highest since 14 November, after CLSA started coverage with "buy" and a target price of Rs325.

Pidilite Industries gained 4 percent after the company said its board to meet on 26 December to consider share buyback.

Reliance Communications rose 7 percent ahead of the joint lenders' forum meeting scheduled due later on Thursday. The forum is expected to discuss the bids it has received for sale of the company's assets.

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

Most other Southeast Asian stock markets were sluggish in lacklustre trade, in line with Asian peers as investors have already factored in the benefits to company bottom lines from U.S. tax cuts.

The Republican-controlled U.S. House of Representatives gave final approval on Wednesday to the biggest overhaul of the U.S. tax code in 30 years, sending a sweeping $1.5 trillion tax bill to President Donald Trump for his signature.