Dec 12, 2024 at 5:04 am GMT
Updates with morning trading
By Bharath Rajeswaran
(Reuters)- Indian shares were little changed on Thursday as a jump in IT stocks due to the near-certainty of a U.S. rate cut next week was offset by a retreat inalmost allother sectors on caution ahead of local inflation data.
The NSE Nifty 50. NSEI was flattish at 24,638 points as of 10:06 a.m. IST, while the BSE Sensex.BSESNwas little changed at 81,566.06. The smallcaps.NIFSMCP100and midcaps.NIFMDCP100were also flat.
IT companies.NIFTYIT, which earn a significant share of their revenue from the U.S., jumped 1.3% after in-line U.S.inflation dataall but guaranteed a Federal Reserve rate cut next week. The odds of a 25-basis-point cut is about 99%, per theCME FedWatchtool.
IT majors TechMahindra TEML .NS, Wipro WIPR .NS, TCSTCS.NS, Infosys INFY .NSand HCLT ech HCLT .NSwere the top five Nifty gainers.
On the flip side,11 ofthe other 12 sectors declined, with energy stocks.NIFTYENRdown 0.5% and public sector banks.NIFTYPSUlosing 0.7%.
While the cues from the U.S. are positive for domestic equities, "the indecision on the benchmark will continue to prevail as the resistance near current levels remains strong," said Akshay Chinchalkar, head of research at Axis Securities.
India's inflation and industrial outputdataafter the bell will be crucial for market sentiment given the worries over slowing economic growth, analysts said.
Inflationlikely easedin November, according to a Reuters poll. Moderatingprices mayallow the Reserve Bank of India (RBI) to cut rates in February after itheldrates last week.
Among individual stocks, Godawari Power GDPI .NSrose 7.3% afterenteringinto an agreement with GAIL GAIL .NSto supply regasified liquefied natural gas.
Among other stocks, Reliance Power RPOL .NSgained4.6% after its unit secured a solar energy and battery storage project.
($1 = 84.8360 Indian rupees)
 Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy, Mrigank Dhaniwala and Savio D'Souza 

Sumber : Reuters