INDIA STOCKS Indian stocks end flat as autos and metals offset IT gains – Reuters

A general view of the Bombay Stock Exchange (BSE), after Sensex broke above the 50,000 level for the first time, in Mumbai, India January 21, 2021. REUTERS/Francis Mascarenhas

BENGALURU, Sept 27 (Reuters) – Indian stocks remained rooted to their lowest level in two months on Tuesday, with gains in IT and consumer companies offset by losses in auto and metal stocks, as concerns over economic growth worsened before the central bank’s policy decision later. this week.

The NSE Nifty 50 Index (.NSEI) closed at 17,007, while the S&P BSE Sensex (.BSESN) also ended virtually unchanged at 57,107.52.

“Global markets are not completely off the hook. Indian markets won’t be able to sustain strong gains given US macro data, monthly derivatives expiration and policy decision monetary policy from the Reserve Bank of India later this week,” said Prashanth Tapse. , Research Analyst, Mehta Equities.

“We are in a very volatile area given the movement of the dollar index. Unless the index cools down, Indian markets may not be in a positive trend.”

The Nifty IT Index (.NIFTYIT) rose nearly 1% on expectations that service companies will benefit from the strong dollar.

The FMCG index (.NIFTYFMCG) gained 0.6% on hopes of higher volume growth and a recovery in margins as prices for many key commodities like palm oil rose. cooled, analysts said. The index gained almost 4% last week.

“We are in the holiday season and volume growth will be higher than the last six months. Being a defensive business, FMCG looks good,” Tapse said.

Cipla (CIPL.NS) and Tata Consumer (TACN.NS) were the top gainers in the Nifty 50 index, up 3.1% and 2.2%, respectively, while Hero MotoCorp (HROM.NS) fell the most, losing 3.1%.

Foreign institutional investors on Monday sold 51.01 billion Indian rupees ($625.1 million) worth of domestic stocks, according to preliminary data available from the National Stock Exchange.

($1 = 81.6100 Indian rupees)

Reporting by Nallur Sethuraman in Bangalore; Editing by Savio D’Souza

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