Indian shares end flat as profit booking offsets metals' climb on China stimulus
Updates to close
By Manvi Pant and Indranil Sarkar
BENGALURU, Sept 24 (Reuters) -Indian shares ended flat on Tuesday, having swung between slight gains and losses through the day, as the boost to metal stocks from China's new stimulus measures was offset by profit-booking, especially in banking and consumer stocks.
The Nifty 50 .NSEI closed 0.01% higher at 25,940.4 points, while the S&P BSE Sensex .BSESN fell 0.02% at 84,914.04. They hit record highs near the open before then struggling to hold a firm direction.
Still, this was the fourth straight all-time high after the Federal Reserve's outsized rate cut last Wednesday sparked hopes of higher foreign inflows in Indian equities. However, the magnitude of the increase has been easing in each session.
The bigger boost on the day came after China, the top producer of several metals including steel and coal, unveiled a slew of measures to try to spur its sluggish economy.
Metal stocks .NIFTYMET jumped 3%, the most among the 13 major sectors, to a near two-month high. Heavyweights Tata Steel TISC.NS, Hindalco HALC.NS and JSW Steel JSTL.NS rose between 0.5% and 4%.
Analysts said that a growing domestic economy would likely stop Chinese steelmakers from dumping low-priced steel in other countries, including India, in search of profits.
"Besides, the recovery in China would strengthen export demand for the metals as well," said Ajit Mishra, senior vice president of research at Religare Broking.
Seven of the 13 major sectoral indexes showed gains.
The gains, however, were kept in check by a 0.8%drop in consumer stocks .NIFTYFMCG, as investors booked profits after a three-session rally in which they rose 2.6%.
Punjab National Bank PNBK.NS fell 3.3% after selling shares at a discount. It led the losses among state-owned banks .NIFTYPSU, which slipped 0.9%.
Paytm PAYT.NS rose 4.5% after Emkay Global upgraded the stock to "add", saying the fintech was on the path to profitability.
($1 = 83.5300 Indian rupees)
Reporting by Manvi Pant in Bengaluru; Editing by Mrigank Dhaniwala, Nivedita Bhattacharjee and Savio D'Souza
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
