MUMBAI: India’s benchmark shares closed flat on Wednesday as gains in public sector banks following State Bank of India’s fundraise approval offset losses in metal stocks due to a stronger dollar on rising US inflation.
The Nifty 50 rose 0.06% to 25,212.05, while the Sensex gained 0.08% to 82,634.48.
Both benchmarks fell about 0.2% during the session, before erasing losses in afternoon trade.
Asian peers inched lower, with the MSCI Asia ex Japan index dropping 0.3% after data showed a modest rise in US inflation, dampening hopes of imminent rate cuts and posing risks for capital flows into emerging markets such as India.
“Markets have had a strong run from March to June. But with uncertainty around the US-India trade deal and mixed signals from the earnings season, we expect benchmarks to remain range-bound in the near term,” said Amnish Aggarwal, director of research, institutional equities at PL Capital.