Indian shares closed little changed on Tuesday as caution prevailed ahead of corporate results next week, while oil retailers such as Bharat Petroleum Corp Ltd fell after crude prices strengthened. The benchmark BSE index ended flat at 33,812.26, while the broader NSE index closed 0.06 percent higher at 10,442.20.
Indian shares started off the new year on a weak footing, after ending 2017 with their biggest annual gains in three, as investors braced for corporate results including from Tata Consultancy Services Ltd and Infosys Ltd next week. The government is gearing up to unveil its 2018/19 budget in early February, which will be followed by the Reserve Bank of India's policy meeting.
"Markets could be subdued because of upcoming domestic events," said Gaurang Shah, head investment strategist, Geojit Financial Services. Nifty PSU bank index dropped as much as 2 percent to its lowest since December 18, with Bank of Baroda Ltd and Union Bank of India Ltd losing 1.5 percent each.
Oil marketing companies traded lower after crude prices gained. Brent crude futures hit $67.27 a barrel, their highest since May 2015, amid large anti-government rallies in Iran and ongoing supply cuts led by Opec and Russia. Hindustan Petroleum Corp Ltd was down 2.7 percent while Bharat Petroleum Corp Ltd lost 1.9 percent.
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