Indian benchmarks settles flat

MUMBAI: India’s stock benchmarks erased intraday losses to settle flat on Thursday, as news of a US-Russia presidential meeting helped markets rebound from a slide sparked by the US doubling tariffs on Indian goods.

The Nifty 50 and Sensex dropped nearly 1% intraday, hitting their lowest since May.

The Nifty, however, closed 0.09% higher at 24,596.15 points and the Sensex gained 0.1% to 80,623.26.

The benchmarks recovered after the announcement of a meeting between Russian President Putin and US President Trump in the coming days, which analysts say will soften Washington’s stance on India’s imports of Russian oil.

The broader small- and mid-caps rose 0.2% and 0.3% respectively.