BENGALURU (Reuters) -Indian shares opened flat on Wednesday as investors took a breather from the recent four-session-long rally, while analysts expected traders to buy the dip through the day.
The NSE Nifty 50 index was down 0.09% at 24,676.05 as of 9:36 a.m. IST, and the S&P BSE Sensex shed 0.16% to 80,667.
Seven of the 13 major sectors logged losses. The highest weighted financials fell 0.6%. The broader, more domestically focussed small- and mid-caps rose 0.75% and 0.1%, respectively.
Other Asian markets fell on the day, also taking a pause after the recent rally triggered by hopes of an imminent rate cut by the US Federal Reserve.
Investors now await the minutes of the latest policy meeting of the U.S. Federal Reserve and Chair Jerome Powell’s address, due later this week, for clues into the rate cut trajectory. [MKTS/GLOB]
“Prices cannot soar continuously. (A) reversion to mean in domestic equities is the normal trend, with overvalued segments witnessing profit booking,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services
Among individual stocks, Cyient rose 3% after approving the sale of a 14.5% stake in its unit Cyient DLM, with the deal set to be completed by Aug. 21.
Genus Power climbed 5% after winning orders worth 36.09 billion rupees ($430.50 million).
($1 = 83.8325 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema and Nivedita Bhattacharjee)
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