Indian shares flat amid profit-booking

Indian shares traded flat on Wednesday as profit-booking offset gains in the information technology (IT) sector. The NSE Nifty 50 index edged up 0.04 per cent to 24,149.05, while the S&P BSE Sensex inched up 0.08 per cent to 79,016.65.

The IT index rallied 1.1 per cent following softer-than-expected US producer price data, indicating cooling inflation.

Broader market indices, including the small-cap and mid-cap indexes, declined by around 0.4 per cent each.

Market analysts attributed the consolidation phase to modest June-quarter earnings and the influence of foreign investor flows.

Hero MotoCorp was the top Nifty 50 loser, plunging 4.25 per cent after missing profit estimates. Non-bank lender Piramal Enterprises shed 9 per cent due to a decline in net profit.

On the other hand, Apollo Hospitals, a hospital chain operator, surged 3.6 per cent after beating profit expectations.

Hindalco Industries gained 1 per cent on positive analyst ratings, while Marksans Pharma jumped nine per cent following a 30 per cent increase in net profit for the June quarter.

Attribution: Reuters

Sub-Editing: Y.Yasser