Indian benchmarks muted as IndusInd Bank, IT offset gains in other stocks

MUMBAI: India’s benchmark indexes closed little changed on Tuesday as losses in IndusInd Bank and information technology stocks offset gains in other companies, while the sentiment remained grim due to worries over the US economy.

The Nifty 50 closed 0.17% higher at 22,497.90, while the Sensex fell 0.02% to 74,102.32. Intraday, the indexes fell 0.6% each.

The broader markets were mixed, with the midcaps rising 0.7% and the smallcaps closing 0.8% lower.

Other Asian markets slipped following an overnight plunge in Wall Street equities after US President Donald Trump on Sunday refused to predict whether the world’s largest economy could face a recession amid concerns over his tariff policies.

“We felt that we were close to (the) bottom last week. But now there is more uncertainty due to US economic data and doubts if the US economy is getting into recession,” said Anita Gandhi, founder and head of institutional business at Arihant Capital Markets.

Indian stocks logged their biggest gains in three months last week on likely bargain buying following the recent decline.