Indian shares open flat as consumer stocks counter weak financials
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BENGALURU- Indian shares opened flat on Monday as financials negated gains in consumer and pharma stocks, while investors awaited earnings reports from a slew of corporate heavyweights, including Tata Motors.
By 0406 GMT, the blue-chip NSE Nifty 50 index was down 0.07% at 15,845.10 and the benchmark S&P BSE Sensex was lower 0.09% at 52,927.86. Both indexes ended up about 0.2% on Friday.
Apart from Tata Motors, investors are also waiting for quarterly earnings from three other big Nifty 50 companies later in the day - Axis Bank, Larsen and Toubro and Kotak Mahindra Bank.
Shares of cigarettes-to-hotel conglomerate ITC Ltd rose as much as 1.3% after the company reported a 28.6% rise in its quarterly standalone net profit. The consumer goods index was up about 0.4%.
ICICI Bank fell as much as 1.9% after the company said its asset quality deteriorated in the latest quarter compared to the previous year. The bank index was down 0.6%.
Reliance Industries was slightly lower in volatile trading after the company reported a 58% jump in quarterly revenue, led by a strong show at its oil and gas business, but said footfall at its retail network fell as the second wave of COVID-19 ravaged the country.
Asian shares skidded to seven-month lows as regulation concerns upended Chinese equities and strong U.S. corporate earnings sucked funds out of emerging markets into Wall Street.
