Indian shares ended flat in a short special trading session on Saturday as investors remained cautious ahead of results from state elections due this week. Shares in Indian hospitality firm EIH rose as much as 15 percent on the Bombay Stock Exchange after a subsidiary of Reliance Industries bought an additional 3.73 percent stake for 1.92 billion rupees.
The exchange was open on Saturday to test a new software. The main 30-share BSE index ended up 0.19 percent at 17,636.99. The 50-share NSE index closed 0.05 percent higher at 5,359.40. There was 1.2 gainer for every loser in a total volume of 112 million shares in the broader market.
"There were no volumes and the trade was lackluster," said Jagannadham Thunuguntla, head of research at SMC Investments and Advisors in New Delhi. He said hotel stocks were in focus following Reliance Industries' move on EIH. Election results in five states, including Uttar Pradesh and Punjab, are due to be announced next week. A good showing in the state elections would be a boost for the ruling Congress party and could help revive stalled policy reforms. Shares in Cipla Ltd, fell as much as 1.5 percent after it said the company has received a government notice seeking 4.25 billion rupees due to overpricing of certain drugs.
Comments
Comments are closed for this article.