Indian shares cut early losses to trade on a flat note Wednesday as improved China data helped offset worries over escalation of the Israel-Hamas conflict.
Chia’s GDP growth for the third quarter beat estimates and readings on retail sales and industrial output for September also surprised on the upside, suggesting that Beijing’s stimulus measures are gaining traction.
The benchmark S&P BSE Sensex was down 63 points, or 0.1 percent, at 66,370 in early trade, while the broader NSE Nifty index was little changed with a negative bias at 19,807.
Pharma stocks traded higher, with Sun Pharma, Dr Reddy’s Laboratories and Cipla rallying 1-3 percent.
ICICI Bank fell about 1 percent and Kotak Mahindra Bank was down half a percent after they have been fined by RBI for non-compliance with certain banking regulatory norms.
Maruti Suzuki India rose half a percent on news it will issue over 1.23 crore shares to Suzuki Motor Corporation as part of its acquisition of a local manufacturing plant from the Japanese automaker.
ONGC and Oil India were up around 0.7 percent each after the government slashed windfall tax on domestic crude.
Vedanta gained 1 percent on reports it is seeking collaborations with Japanese tech firms to set up a chip plant in Gujarat.
Bajaj Auto added half a percent and Wipro edged up slightly ahead of their earnings results due today.
Bajaj Finance declined 1.1 percent post its Q2 results.
Dabur India dropped half a percent after getting GST tax demand notice of Rs. 321 crores.
Market Analysis
Sensex, Nifty Cut Early Losses On Improved China Data
2023-10-18 04:36:36
