Indian stocks end flat as gains in Nestle, Airtel offset losses

Indian shares ended flat on Thursday, as gains in Nestle India and Bharti Airtel cushioned losses in some financial stocks, with global sentiment turning cautious on slowing economic growth and potential stimulus tapering by central banks.

The blue-chip NSE Nifty 50 index (.NSEI) closed 0.09 per cent higher at 17,369.25 and the benchmark S&P BSE Sensex (.BSESN) was up 0.09 per cent at 58,305.07. Both indexes posted a third weekly gain.

Indian markets, which are closed for a holiday on Friday, have had a mixed week, scaling peaks at the start of the week but remaining largely unchanged in the last two sessions.

Nestle India (NEST.NS) and Bharti Airtel were the top gainers on the Nifty index on Thursday, settling 3.10 per cent and 2.74 per cent higher, respectively.

The Nifty Media index (.NIFTYMED) gained the most among sub-indexes and logged a 3.8 per cent rise for the week. Dish TV India Ltd (DSTV.NS) led gains on the sub-index, and clocked a 35.6 per cent rise for the week.

Oil and gas explorer Oil and Natural Gas Corp (ONGC.NS) closed up 2.7 per cent, boosting the Nifty Energy index (.NIFTYENR) by 0.68 per cent.

Reliance Infrastructure (RLIN.NS) jumped 5 per cent, after it won an arbitral award against the Delhi Metro Rail Corporation.

Among decliners, SBI Life Insurance Company (SBIL.NS) fell the most on the Nifty 50 index and closed down 3.84 per cent after reports said Canada Pension Plan Investment sold a 2 per cent stake in the life insurer.

Axis Bank Ltd (AXBK.NS) and HDFC Life Insurance Company Ltd (HDFL.NS) lost 0.57 per cent and 0.85 per cent and were also among the top losers.

Investors on Monday will be closely watching for the country’s retail inflation data for August, which a Reuters poll of analysts has predicted to be steady.