Indian Shares End Little Changed After Recent Rally
(RTTNews.com) - Indian shares ended largely unchanged on Wednesday as investors took some profits off the table following a four-day rally on the back of new-found strength in rupee due to the Raghuram Rajan effect. The Indian rupee traded higher near 63 per dollar mark in the afternoon, helping to keep investor sentiment bullish.
The BSE Sensex fell over 200 points earlier in the session before reversing direction to end little changed at 19,997.45, up 0.36 points from its previous close. The broader Nifty index rose by 16 points or 0.28 percent to 5,913.
Tata Motors, India's largest automaker, fell 2.4 percent on profit taking after climbing almost 10 percent the day before. Oil explorer Cairn India lost 2.8 percent after Brent crude prices fell more than 4 percent in the past two days on easing Syrian concerns.
Power equipment manufacturer BHEL declined 1.9 percent on profit taking after rallying nearly 20 percent in the past four sessions. ONGC, Infosys, Bharti Airtel, Hindustan Unilever and ITC retreated 1-2 percent.
Among the prominent gainers, state-run lenders PNB and Bank of Baroda rallied 7-8 percent, realty firm DLF soared 6 percent, steel maker Tata Steel advanced 4.5 percent and oil marketing firm BPCL added 4.4 percent.
Jaiprakash Associates jumped 5.3 percent on reports it has signed a Rs 3,800 crore deal with UltraTech for its 4.8 million ton capacity cement plant in Gujarat.
Harrisons Malayalam soared 10 percent after the High Court of Kerala dismissed the state government's petition challenging the authenticity of company's title deeds and operations.
KEC International gained 3.6 percent after it won new orders worth Rs 1,004 crore in its transmission, cables, telecom and power systems cables businesses.
On the global front, the markets elsewhere across Asia closed mostly higher after U.S. President Barack Obama asked Congress to delay voting on military action against Syria, giving diplomacy a chance on the issue. European stocks traded mixed in early trading following the previous session's rally.
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