BENGALURU (Reuters) -Indian shares were largely unchanged on Wednesday as profit-booking near record-high levels offset the continued gains in commodity-linked stocks following China’s stimulus plans.
The benchmark Nifty 50 and S&P BSE Sensex opened about 0.2% lower before but were largely flat at 25,909.9 points and 84,859.74 points, respectively, as of 10:10 a.m. IST.
The Nifty stayed below the 26,000-mark after conquering that peak on Tuesday. Analysts expect the index to take a breather near the milestone.
It scaled that milestone after four straight sessions of gains as the Federal Reserve’s outsized rate cut last week sparked hopes of higher foreign inflows in Indian equities.
Metal stocks added 1.3%, adding to their near 3% jump on Tuesday following China’s stimulus measures to help spur the country’s sluggish economy.
Hindalco, Vedanta and NALCO gained between 1.2% and 3.9%, with analysts noting that a revival in China’s economy would lead their domestic firms to lower dumping steel in other countries, including India.
Among individual stocks, Gillette India fell 2% after its distributor in Bangladesh terminated the distribution agreement with the company.
Delta Corp climbed 7% on plans to spin off its hospitality and real estate businesses.
(Reporting by Manvi Pant in Bengaluru; Editing by Sumana Nandy and Savio D’Souza)
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