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Sensex, Nifty flat; financials, utilities gain

Reuters 

By Sridhar

(Reuters) - Indian shares were largely unchanged on Tuesday after an eight-session winning run as gains in financials and utilities were offset by losses in stocks.

The Nifty was down 0.12 percent at10,516.15 at 0607 GMT while the benchmark Sensex was 0.06 percent down at 34,285.34.

After two years of normal monsoons, the Meteorological Department (IMD) on Monday predicted yet another year of normal rains.

Financial heavyweights such as and gained over 1 percent each while stocks such as witnessed selling pressure.

Expectation of normal monsoon and a shift in government spending towards rural areas bodes well, said in a note, maintaining its FY19 real GDP growth forecast at 7.6 percent.

Another normal monsoon and the government's focus on rural development implies that rural income levels could rise faster in FY19, said in a note, adding one of the key beneficiaries of this would be Mahindra and Mahindra Ltd.

Shares of the automaker gained as much as 2.1 percent to hit a record high of 818.8 rupees.

"There's some secular buying taking place in the markets. Consumption theme, including retail and FMCG, are playing out very well after monsoon forecast," said Krish Subramanyam, at

Shares of banks gained and the Bank index looked set to halt a 4-session losing streak.

Power Grid Corp of Ltd gained for a third straight session and was the top percentage gainer on both the indexes.

Shares of Nestle Ltd, maker of instant noodles and Kit-Kat chocolates, rose as much as 2.2 percent to a record high after brokerages and raised their target prices.

(Reporting by in Bengaluru)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 17 2018. 12:25 IST
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