Indian shares open flat as auto stocks offset gains in state-run banks

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BENGALURU, Sep 30 (Businesshala) – Indian stocks opened flat on Thursday as auto stocks fell in public sector banks, with concerns about a global economic recovery also weighing on market sentiment.

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The blue-chip NSE Nifty 50 index was down 0.04% at 17,703.9 by 0350 GMT and the benchmark S&P BSE Sensex was down 0.05% at 59,384.8.

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Indian equities were set to mark their fifth straight monthly gains as adjusted monetary policy and easing of COVID-19 restrictions lifted investor sentiment.

Public sector banks advanced 0.6%, driven by a 16% jump in Indian Overseas Bank after the country’s central bank pulled out of the prompt corrective action framework to improve its financial profile.

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Auto stocks fell 0.3%, with Hero MotoCorp falling 0.9%, the biggest loser on the Nifty 50 index.

Shares in broader Asia were stable after several sessions of losses, even as China’s worsening power shortage and the risk of a possible default by China Evergrande. (Reporting by Soumyajit Saha in Bengaluru; Editing by Subhranshu Sahu)

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