BENGALURU (Reuters) – Indian shares ended flat on Friday, as an agreement between India and China to de-escalate tensions on their contested border offset some negative sentiment from a continued selloff in U.S. tech stocks overnight, while investors also awaited industry data.
The blue-chip NSE Nifty 50 index closed up 0.13% at 11,464.45, while the benchmark S&P BSE Sensex ended up 0.04% at 38,854.55. The indexes gained 1.2% and 1.3%, respectively, for the week after falling more than 2.6% last week.
The country will be releasing its industrial output data for July later in the day. A Reuters poll forecast a fourth straight month of decline.
India and China said they had agreed to disengage troops on their contested Himalayan border and take steps to restore “peace” following a high-level diplomatic meeting in Moscow.
The Nifty Auto Index ended 0.15% higher, after the country’s auto industry body said total domestic passenger vehicle sales for August were up 14.2% on the year.
The Nifty Metal Index closed up 0.61%. The Indian government is planning to restrict copper and aluminium imports to protect domestic producers, Reuters reported on Thursday, citing sources.
India’s most valuable bank HDFC Bank Ltd and mortgage lender Housing Development Finance Corporation were the top drags on the Nifty, ending down 1.1% and 0.5%, respectively.
IT major Tata Consultancy Services Ltd, which closed 1.8% higher, and consumer goods giant Hindustan Unilever Ltd, which ended up 1.2%, were the top boosts to the Nifty.
Broader global markets struggled for momentum, with European and Asian shares rising slightly after overnight selling in U.S. technology stocks and concerns over U.S. stimulus. [MKTS/GLOB]
(Reporting by Anuron Kumar Mitra in Bengaluru; Editing by Ramakrishnan M.)