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Published on 13/01/2021 3:58:43 PM | Source: Reuters

Indian shares end flat; Infosys gains ahead of results

Posted in Stock Market| #Sensex #Stock Market #NSE #BSE #Nifty

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BENGALURU  - Indian shares ended mostly unchanged on Wednesday as losses in HDFC and Reliance Industries were offset by gains in tech heavy weight Infosys ahead of its quarterly earnings.

Investors also await December-quarter earnings from another tech major Wipro.

The Nifty ended down 0.04% to 14,564 and the benchmark Sensex was up 0.03% at 49,530.

India's retail inflation eased in December to within the central bank's target range, although it is unlikely to cut the policy repo rate soon.

The Nifty bank index gained 0.6% and the public sector banking index rose 3%.

Tata Elxsi Ltd shares rose 13.62%, hitting a record high after reporting a surge in December-quarter profit and revenue.

Infosys shares ended up 1.3%, while Wipro gained 0.1%. Major peer Tata Consultancy Services posted a strong December-quarter profit last week.

Housing Development Finance Ltd and Reliance Industries were the top drags in the Nifty 50 index, falling 2.8% and 1%, respectively.

Shares of Bharti Airtel rose 2.2% after the company said on Tuesday it was initiating process to revise foreign investment limit up to 100%.

The Nifty auto index gained 0.8%, led by a 6% surge in automaker Mahindra and Mahindra.

Morgan Stanley, in a note dated Tuesday, said it expects positive earnings surprise for India's automobile companies and a replacement demand driving strong growth in 2021.

Meanwhile, India's Supreme Court on Tuesday ordered an indefinite stay on the implementation of new agricultural laws that have triggered widespread protest from farmers.