India’s Nifty hovers near 9,800; Consumer stocks gain


Reuters

Indian shares were little changed on Wednesday on the back of selling pressure in capital goods stocks but easing global tensions over a potential clash between the U.S. and North Korea kept losses in check.

At 0605 GMT, the S&P BSE Sensex was unchanged at 31,449 while the broader NSE Nifty fell 0.01 percent to 9,792.

Among the top index gainers: ITC rose 2 percent, Hindustan Unilever advanced 1.6 percent, HDFC gained 1.4 percent while Hero MotoCorp was up 1.3 percent.

The S&P BSE Capital Goods index fell 0.9 percent, dragged lower by BEML, Havells and Larsen & Toubro.

Shares of JK Tyre & Industries lost 2.5 percent after it swung to a June-quarter loss.

Realty firm Unitech gained 2.7 percent after loss for the June quarter narrowed to Rs 42.4 crore from Rs 54.4 core for the same quarter last year.

Motherson Sumi rose 3 percent after Macquarie gave ‘Outperform’ rating on the stock with a target of Rs 400 per share.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declining.

Meanwhile, investors in Asia heaved a sigh of relief after a tumultuous few days spurred by heightened tensions between the U.S. and North Korea.

Risk appetite improved as North Korean leader Kim Jong Un delayed a decision on firing missiles towards Guam while he waits to see what the United States does.

U.S. stocks indexes closed mixed on Tuesday. The S&P 500 and the Nasdaq Composite closed down 0.1 percent and the Dow Jones Industrial Average gained five points.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent.

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