Markets

Sensex, Nifty Pare Early Gains

(RTTNews) - Indian shares gave up early gains on Wednesday to turn flat as caution prevailed ahead of the Federal Reserve's highly anticipated monetary policy announcement, due out later in the day.

The benchmark S&P BSE Sensex was up 63 points, or 0.16 percent, at 39,894 after crossing the 40,000 mark earlier in the day for the first time since July on expectations of a tax bonanza for the stock markets from the government. The broader NSE Nifty index was up 19 points, or 0.16 percent, at 11,806.

Other Asian markets edged lower this morning, mirroring weak U.S. cues after reports suggested a phase one trade deal between the U.S. and China may not be signed by a summit in Chile next month.

InterGlobe Aviation climbed 1.6 percent after Indigo reportedly placed a firm order for 300 A320neo Family aircraft worth over $33 billion.

Bharti Airtel jumped more than 2 percent and Vodafone Idea shares soared 5 percent after the government set up a panel of secretaries to suggest measures to mitigate financial stress in the telecom sector.

L&T Finance Holdings dropped 1 percent despite HSBC maintaining its buy rating on the stock.

Tata Motors fell 2.6 percent on profit taking after two days of strong gains.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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