Indian Shares Flat Amid Weak Asian Cues

By RTT News, 
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(RTTNews.com) - Indian shares are little changed in early trading on Wednesday as investors adopted a cautious stance following the previous session's sharp rally.

The Asian markets are trading mostly lower as rising U.S. inflation drove speculation that the Fed could turn more hawkish on interest rates. The Federal Reserve's monetary policy statement will be released later in the day, with many expecting the central bank to announce another $10 billion reduction in the pace of asset purchases.

The benchmark indexes Sensex and Nifty are little changed with a negative bias, while the BSE mid-cap and small-cap indexes are rising 0.8 percent and 0.7 percent, respectively.

Tata Motors, Hero MotoCorp, Sun Pharma, Wipro, ITC, ICICI Bank and TCS are down between 0.3 percent and 0.9 percent, while Cipla is rallying 4 percent after signing a deal to acquire a 60 percent stake in a Sri Lankan company for $14 million.

GAIL India, NTPC, ONGC, Tata Power and Sesa Sterlite are up 1-2 percent. Market heavyweight Reliance Industries is edging down 0.1 percent ahead of its annual general meeting later in the day.

SAIL is moving up 0.9 percent on disinvestment reports. Coal India is rising 0.4 percent on reports it may buy a majority stake in a railway project in Mozambique.

Suzlon Energy is rallying 3.4 percent. The company said it has received RBI approval to restructure existing bonds.

DCW is adding 0.8 percent ahead of a board meet today to consider issue of shares on a preferential basis to the promoter group.

SpiceJet is moving up 1.2 percent. The budget carrier extended its special monsoon fare promotion offering tickets with a starting price of Rs. 1,999 (all-inclusive) pan-India.

GATI is rising 2.5 percent on stake sale reports. Adani Enterprises is climbing 2.3 percent on fund raising reports.

Puravankara Projects is gaining 0.8 percent after launching a new 20-acre villa project in Bengaluru.

The benchmark indexes Sensex and Nifty erased early declines to end up about 1.3 percent each on Tuesday, as oil prices eased and RBI Governor Raghuram Rajan said India is better prepared to deal with any shocks on the external front.

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Referenced Stocks: IBN , SSLT , TTM , WIT

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