India's benchmark BSE index ended flat on Wednesday after hitting a record high earlier as caution set in ahead of gross domestic product data later in the day, but still posted a 4.1 percent gain for May, its best monthly performance in a year. The BSE index, which fell 0.04 percent on Wednesday, posted its fifth consecutive monthly gain.
The broader NSE index fell 0.03 percent, but gained 3.4 percent for May. India is set to post annual GDP growth of 7.1 percent in the January-March quarter, which would allow it to hang on to its status as the world's fastest growing major economy, according to economists polled by Reuters. "Markets are consolidating over the past few days after moving sharply up and after the results there are no further triggers going ahead," said Dipen Shah, senior vice president and head of private client group research at Kotak Securities.
Among losers, Reliance Communications Ltd plunged as much as 9.5 percent to its lowest ever after Moody's downgraded it deeper into "junk" territory and kept its ratings under review for further downgrade as the company struggles with a heavy debt burden.
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