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Sensex, Nifty End Flat; Infosys Gains, ITC Slides

Sensex, Nifty End Flat; Infosys Gains, ITC Slides

Indian shares closed largely unchanged on Friday as software services firms Infosys and Wipro gained after having lagged the broader market for much of this month, while ITC declined after reporting lacklustre earnings.

BENGALURU: Indian shares closed largely unchanged on Friday as software services firms Infosys and Wipro gained after having lagged the broader market for much of this month, while ITC declined after reporting lacklustre earnings.

India’s stock benchmarks have climbed more than 11% this month after a range of positive developments including a high-spending federal budget and strong corporate earnings.

But, without any further catalysts besides company earnings, shares have been adrift for much of this week as investors either sold off recent winners or bought into laggards.

The NSE Nifty 50 index ended 0.07% lower at 15,163.30, while the S&P BSE Sensex closed 0.02% higher at 51,544.30. The Nifty recorded a weekly gain of 1.6%.

Infosys and Wipro rose more than 1% each and were among the top boosts to the Nifty 50. Up to Thursday’s close, both stocks had only gained about 5% in February, compared with double-digit gains for the broader market and most other sectors.

Cigarettes-to-hotels conglomerate ITC fell 4% after it posted lower December-quarter profit.

Auto parts giant Motherson Sumi Systems jumped 10% after posting stronger profit and revenue, while conglomerate Piramal Enterprises climbed 6% after its quarterly profit rose.

Globally, shares dipped as investors awaited progress towards more U.S. fiscal stimulus. [MKTS/GLOB]

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