Indian shares were barely changed on Tuesday after moving in a tight range with investors undecided on the outlook as they awaited a clearer picture of the global economic recovery. Traders said the US government data on producer prices and housing starts for July later in the day, and the Federal Reserve's figures on industrial production, would set the near-term trend for the stock market.
"The market is stuck in a range. It is looking for fresh domestic or global factors to move in either direction," said K.K. Mital, head of portfolio management services at Globe Capital. The 30-share BSE index closed down 0.01 percent, or 1.93 points, at 18,048.85, with 19 of its components declining. The benchmark moved in a 114-point band through the session.
The benchmark index has risen 3.3 percent in the year to date, outperforming its peers in Brazil, China and Russia, thanks to foreign portfolio inflows of $11.6 billion but there is uncertainty of sustaining the buying. Leading private lenders ICICI Bank and HDFC Bank climbed 1.3 percent. But top lender State Bank of India shed 0.1 percent. In the broader market, gainers and losers were almost equal in number on moderate volume of 461 million shares. The 50-share NSE index shed 0.1 percent to 5,414.15.
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