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Sensex, Nifty steady; IT stocks gain


By Krishna V Kurup

(Reuters) - Indian held steady on Thursday as losses in offset gains in IT such as Ltd, while investors awaited key corporate due this week for further direction.

Broader Asian fell, with MSCI's broadest index of outside down 0.3 percent, slipping further from Tuesday's 10-year peak.

The broader NSE was flat at 10,632.30 as of 0620 GMT, while the benchmark BSE was up 0.04 percent to 34,446.80.

"Investors are looking for indications from earnings due today. The commentary on the quarter is crucial; if it does not meet their expectations, the negatives will start to take on more weight," said Sunil Sharma,

Rising inflation and interest rates remain a concern, he added.

India's to a 17-month high in December, a poll showed, suggesting increasing pressure on the central to tighten monetary policy.

"There is nervousness around as well. Fundamentally, investors are looking at the impact crude (prices) will have on the margins," Sharma said.

Oil inched away from three-year highs on signs that a 13-percent rally since early December may have run its course, although a surprise drop in U.S. production and lower crude inventories offered prices some support.

fell 0.2 percent and shed 0.8 percent.

Lender ICICI Ltd fell 1 percent, while Ltd shed 1.2 percent.

However, IT advanced, with rising 1 percent. The company is due to report quarterly on Friday.

Among the gainers, GE Power Ltd surged to a decade-high on bagging order worth about 8.18 billion rupees ($128.29 million).

(Reporting by Krishna V in Bengaluru; Editing by Amrutha Gayathri)

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

First Published: Thu, January 11 2018. 12:54 IST