Indian shares close little changed as metals, Airtel drag

BENGALURU: Indian shares ended little changed on Thursday, with losses in telecom major Bharti Airtel and metals and see-sawing banking stocks ahead of the expiry of monthly derivatives contracts countered gains in energy and consumer goods.

The blue-chip NSE Nifty 50 index ended 0.01% higher at 16,636.9, while the benchmark S&P BSE Sensex was up 0.01% at 55,949.10.

Indian markets have outperformed Asian peers in recent weeks despite mixed global cues, but analysts said this seems more like a consolidation rather than a substantial rise.

"There are no major negative factors locally, with states unlocking and the government taking steps towards improving credit growth," said Anita Gandhi, director at Arihant Capital Markets, Mumbai.

Indian shares flat as financials counter tech gains

Global shares paused on Thursday with investors steering clear of major moves ahead of US Fed Chair Jerome Powell's Friday speech on tapering central bank's bond-buying program, and as Asia's first post-COVID interest rise in South Korea weighed.

The Nifty Metals index declined 1.27%, dragged by Hindalco and JSW Steel.

Bharti Airtel ended 4.17% lower after the telecom major said it will consider various capital-raising options at a meeting this Sunday.

Wockhardt Ltd reversed course and ended down nearly 5%. Shares jumped earlier after the drugmaker said its unit was partnering with China's Jiangxi Jemincare Group to supply a patented pneumonia antibiotic nafithromycin in China, Hong Kong, Macau and Taiwan.

Indian airline SpiceJet Ltd said on Thursday it expected Boeing Co's grounded 737 MAX jets in its fleet to return to service by September-end , following a settlement with lessor Avolon. Shares rose as much as 3.34% before settling 0.91% lower.

A Reuters poll of analysts found Indian economic growth likely touched a record high in the quarter through June, reflecting a weak base and rebound in consumer spending. The GDP data is due to be released on Aug. 31.