(Updates closing levels)
By Bharath Rajeswaran
BENGALURU, May 9 (Reuters) - Indian shares were little
changed on Tuesday, after financials sparked a sharp rise in the
previous session, amid a rush of corporate earnings and ahead of
key macroeconomic data.
The Nifty 50 closed 0.01% higher at 18,265.95, while
the S&P BSE Sensex shed 3 points to end at 61,761.33.
Both the indexes had risen over 0.4% during the session.
Eight of the 13 major sectoral indexes declined, with the
high-weightage financials falling 0.15%. Bank and public sector bank indexes also
logged 0.2% and 2.75% losses, respectively.
Among individual stocks, shares of natural gas distribution
company Mahanagar Gas Ltd jumped 7.43% on upbeat
fourth-quarter profit after tax.
Mankind Pharma Ltd surged over 31% on its stock
market debut. Global brokerage firm Macquarie initiated coverage
with an "outperform" rating ahead of its listing, citing sales
outperformance and improved productivity as growth drivers.
Meanwhile, agri-chemicals maker UPL Ltd lost
nearly 3% on reporting a quarterly slide in profit due to a
sharp uptick in costs. The stock was among the top Nifty 50
losers.
Indian shares logged their best session in a little over a
month on Monday. Since the beginning of the financial year 2024,
the benchmark has risen over 5%.
"The recent rally has been triggered by a reasonably stable
results season, barring a few sectors like information
technology and consumer durables, as well as the return of
foreign investors," said George Thomas, fund manager for equity
at Quantum Asset Management Company.
Analysts expect the benchmark to witness consolidation in
the near term, ahead of the domestic retail inflation data for
April, due on Friday.
Global equities were subdued on caution ahead of U.S.
consumer price data due on Wednesday. The data is coming close
on the heels of a robust U.S. April jobs report that assesses
the future rate trajectory of the Federal Reserve and its
monetary tightening policy.
($1 = 81.7800 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia
Cheema, Dhanya Ann Thoppil and Sohini Goswami)
