(Corrects day of the week in third paragraph to Tuesday, from Wednesday)
By Arnab Paul
(Reuters) - Indian shares were unchanged on Monday ahead of the consumer price inflation data (CPI) for April later in the day, with investors are waiting for the outcome of elections in the key southern state of Karnataka.
Exit polls on Saturday suggested that Prime Minister Narendra Modi's Bharatiya Janata Party (BJP) could emerge as the leading party in the state, potentially boosting its chances in the general elections early next year.
Counting of votes will begin on Tuesday with the outcome expected later in the day.
The median forecast in the poll of nearly 30 economists was for April's inflation rate to rise to 4.42 percent from March's 4.28 percent.
The market has already factored in the inflation data but it will be interesting to observe Reserve Bank Of India's (RBI) stance, Nair said.
RBI held interest rates steady last month while maintaining a "neutral" stance. However, the minutes of the monetary policy meeting hinted a shift to a more hawkish stance.
Sun TV Network Ltd rose as much as 11.7 percent after posting a 23 percent jump in quarterly profit.
Pharmaceutical stocks saw some recovery after the index shed 5.8 percent in the last six sessions. Sun Pharmaceutical Industries, the top gainer in the index, was up 2.5 percent.
(Reporting by Arnab Paul in Bengaluru; Editing by Gopakumar Warrier)
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)