Indian stocks close flat as financials offset energy gains
BENGALURU, June 2 (Reuters) – Indian stocks did not change much for a second straight session on Wednesday as investors refrained from making big bets amid concerns about high valuations following a recent rally.
The blue chip NSE Nifty 50 index rose 0.01% to 15,576.20 at the close, while the benchmark S&P BSE Sensex fell 0.16% to 51,849.48.
Both indices gained more than 6% last month as a steady decline in daily COVID-19 cases boosted investor sentiment.
However, concerns remain as several economists have warned of the impact of the second wave of coronavirus on economic growth in the current quarter.
Dragging the Nifty 50 on Wednesday, the hotel cigarette conglomerate ITC Ltd fell 3% after warning that pandemic-related restrictions could cause supply chain disruptions in the near future.
Losses in financials and heavyweight IT stocks also weighed on indices, with leading private sector lender HDFC Bank and software services firm Infosys Ltd falling 0.5% and 0.6% respectively. .
To counter these declines, the conglomerate Reliance Industries Ltd and Tata Steel Ltd gained 1.5% and 2.1% respectively. Reliance shares have risen for six straight sessions.
Auto components maker Motherson Sumi Systems Ltd closed 13.4% higher after reporting nearly four times the March quarter profit.
Globally, stock markets have hovered near record highs as investors applauded evidence of a sustained rebound in global economies after strong data from factories in the United States and Europe.
Report by Rama Venkat in Bengaluru; Editing by Aditya Soni