Indian shares close little changed as metals drag

Indian shares ended little changed on Thursday, with losses in telecom major Bharti Airtel and metals and see-sawing banking stocks ahead of the expiry of monthly derivatives contracts countered gains in energy and consumer goods.

The blue-chip NSE Nifty 50 index (.NSEI) ended 0.01 per cent higher at 16,636.9, while the benchmark S&P BSE Sensex (.BSESN) was up 0.01 per cent at 55,949.10.

Indian markets have outperformed Asian peers in recent weeks despite mixed global cues, but analysts said this seems more like a consolidation rather than a substantial rise.

“There are no major negative factors locally, with states unlocking and the government taking steps towards improving credit growth,” said Anita Gandhi, director at Arihant Capital Markets, Mumbai.

Global shares paused on Thursday with investors steering clear of major moves ahead of U.S. Fed Chair Jerome Powell’s Friday speech on tapering central bank’s bond-buying program, and as Asia’s first post-COVID interest rise in South Korea weighed.

The Nifty Metals index (.NIFTYMET) declined 1.27 per cent, dragged by Hindalco (HALC.NS) and JSW Steel (JSTL.NS).

Bharti Airtel (BRTI.NS) ended 4.17 per cent lower after the telecom major said it will consider various capital-raising options at a meeting this Sunday.