India’s Sensex Ends Little Changed; Banks, Consumer Stocks Fall

(Bloomberg) — India’s benchmark equity index ended the session little changed as gains in Reliance Industries Ltd. and Tata Consultancy Services Ltd. were offset by a decline in banks and consumer stocks.



a man standing next to a tree: Pedestrians stand outside the Bombay Stock Exchange (BSE) building in Mumbai, India, on Monday, May 20, 2019. Indian stocks rallied the most in more than three years and the rupee and sovereign bonds climbed after exit polls signaled Prime Minister Narendra Modi’s ruling coalition is poised to retain power.


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Pedestrians stand outside the Bombay Stock Exchange (BSE) building in Mumbai, India, on Monday, May 20, 2019. Indian stocks rallied the most in more than three years and the rupee and sovereign bonds climbed after exit polls signaled Prime Minister Narendra Modi’s ruling coalition is poised to retain power.

The S&P BSE Sensex closed at 37,973.22 after swinging between gains of as much as 0.7% and a fall of 0.4% in Mumbai. The NSE Nifty 50 Index fell 0.1%. The previous two sessions of gains have helped trim both gauges’ first monthly losses since May, with overseas investors remaining net sellers of local stocks after four consecutive months of buying.

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“In the absence of major cues, it appears to be a traders’ market,” said Chokkalingam G, chief investment officer at Equinomics Research & Advisory Ltd. in Mumbai. “Investors should trade cautiously and book profits wherever they can.”

India’s government is likely to unveil its borrowing plan for the second half of the year Wednesday, while the central bank has yet to reschedule a policy meeting that had been scheduled to start today.

The rupee weakened 0.1% to 73.8587 per U.S. dollar, while the yield on 10-year government bonds fell three basis points to 6.04%.

The Numbers

Twelve of 19 sector indexes compiled by BSE Ltd. fell, led by a 2.1% decline in a gauge of telecom companies weighed on by Bharti Airtel Ltd.ICICI Bank Ltd. contributed the most to the Sensex decline, decreasing 1.6%, while Oil and Natural Gas Corp Ltd. had the largest drop, falling 3.8%Reliance Industries Ltd. provided the biggest boost to the index, advancing 1.3%

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