Indian shares erase losses to close little changed

BENGALURU: Indian shares recovered from earlier falls to close little changed on Tuesday, with losses in Titan Company Ltd  offset by gains in Bajaj Finance Ltd.

The broader NSE index closed 0.02% lower at 11,555.90, while the benchmark BSE index settled 0.03% firmer at 38,730.82.

Indian stocks took a beating on Monday as some budget proposals by the government last week sparked a selloff and sent both indexes over 2% lower.

"The market is still coming to terms with the fine print of the budget," said Anand James, chief market strategist at Geojit Financial Services.

Losses were broad-based and the momentum will slow down with earnings kicking in, he added.

"While earnings might not give a great deal of positivity and revive markets, individual stocks will move and that is a glimmer of hope markets are looking from a thematic point of view," he said.

Shares of IT services firm Tata Consultancy Services Ltd closed 1.9% lower ahead of the company's first-quarter results due later in the day.

Titan finished the session 12.3% lower, while Baja Finance closed up 5.56%.

Infrastructure finance company REC Ltd slumped 14.4% as the Index Maintenance Sub-Committee of NSE Indices Ltd decided to remove it from the Nifty CPSE index with effect from July 15.