Indian shares end mostly flat as investors eye fresh triggers

BENGALURU: India's main indexes ended little changed on Thursday as gains in metal and auto stocks were offset by a drop in financial and consumer staples shares, with investors looking for fresh triggers amid continued surge in domestic coronavirus cases.

The NSE Nifty 50 index ended 0.07pc lower at 11,300.45, while the benchmark S&P BSE Sensex fell 0.15pc to 38,310.49.

"Most of the factors including earnings are factored in large-cap stocks. At the same time market is also acknowledging that small- and mid-caps are much cheaper and most of the earnings have started to come," said Vinod Nair, head of research at Geojit Financial Services.

For the large-caps to move higher, markets need fresh triggers, he added.

"Going forward, main indices could be flattish and see some profit booking and shift in money allocation to small- and mid-cap stocks from larger ones," Nair said.

The mid-cap index rose 1.6pc and the small-cap added nearly 0.8pc.

India reported another record daily rise in novel coronavirus infections on Thursday, while the death toll from COVID-19 surpassed 47,000.

Meanwhile, steady virus figures in the United States and a jump in US consumer prices in July helped Asian markets rise on Thursday.

In Mumbai trading, the Nifty Metal index rose 1.1pc, while the Nifty auto index gained 1.22pc.

Consumer heavyweight ITC Ltd and telecom operator Bharti Airtel Ltd were the top drags in the Nifty 50 index, falling 1.4pc and 2.25pc, respectively.