Indian shares flat as auto rally offsets IT, bank losses

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FILE PHOTO: People pass by the Bombay Stock Exchange (BSE) building in Mumbai, India November 4, 2020. REUTERS/Francis Mascarenhas
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BENGALURU (Businesshala) – Indian stocks edged off record levels and turned muted early Tuesday, as auto stocks edged higher for a fourth straight session and losses in IT firms and some private banks.

The NSE Nifty 50 index was up 0.08% at 17,963.60, while the S&P BSE Sensex was up 0.03% at 60,163.01 by 0348 GMT. Both the indices had touched record highs in the previous session.

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IT stocks tumbled for the second session on Tuesday, with the Nifty IT index down 0.7%. Shares of HCL Technologies fell nearly 2% and were among the top losers on the blue-chip index.

Lender ICICI Bank fell nearly 1% and was the top loser in the Nifty private bank index, plunging 0.35%.

Nifty automakers added 0.76%, the Jaguar Land Rover maker said, as Tata Motors extended gains for the fourth straight session. Here Global wholesale sales in the second quarter were up 24% from a year ago.

Asian shares fell and MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.9% as a global energy crunch weighed on investor sentiment and intensified fears of inflation. [MKTS/GLOB]

Reporting by Chandini Monappa in Bengaluru; Ramakrishnan M.

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