Indian shares muted with traders in 'wait-and-watch' mode
Updates at 10:37 a.m. IST
By Hritam Mukherjee
Oct 16 (Reuters) -Indian shares moved in a narrow range on Wednesday in the absence of fresh triggers, with investors weighing up some disappointing results from marquee companies and the exodus of foreign funds against the drop in crude oil prices.
The Nifty 50 index .NSEI edged down 0.01% at 25,050.2 points as of 10:37 a.m. IST, trading in a 100-point range. The S&P BSE Sensex .BSESN inched 0.05% lower to 81,781.
The more domestically-focussed small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 were flat.
"Uncertainties in the Middle East and locally, rich valuations, continued foreign outflows and tepid September quarter earnings expectations are contributing to keep investors in wait-and-watch mode," said S Krishnakumar, director at Lion Hill Capital.
Heavyweight Reliance Industries' RELI.NS disappointing results weighed on the Nifty and Sensex on Tuesday, but the broader markets were lifted by weak global crude prices, which is a positive for net oil importers like India.
The oil-focussed Reliance conglomerate rebounded 0.1% on the day, while oil marketing firm BPCL BPCL.NS rose 0.6%, extending gains to a fourth session as crude prices slid further overnight on demand concerns, before stabilising. O/R
On the flip side, automaker Mahindra & Mahindra MAHM.NS was the biggest drag, sliding 2.3%. Consumer major Nestle India NEST.NS declined 1.6%, while IT major TCS TCS.NS fell 1%.
Nestle India, as well as TCS's peers Infosys INFY.NS, Wipro WIPR.NS and Axis Bank AXBK.NS are among the Nifty components scheduled to report results this week.
Foreign investors have pulled out $7.9 billion from the market so far in October, the highest since March 2020, with their focus shifting to China following Beijing's stimulus measures.
Among other stocks, Cochin Shipyard slumped 4% after it said Indian government will sell up to 5% stake at a discount.
Meanwhile, Hyundai Motor India's HYUN.NS record $3.3 billion IPO was subscribed 21% at the start of the second day of its share sale.
($1 = 84.0510 Indian rupees)
Reporting by Hritam Mukherjee in Bengaluru; Editing by Eileen Soreng and Savio D'Souza
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