Nifty ends little changed; auto companies drag

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Jun
19

BENGALURU (Reuters) – Indian shares pared early gains and were nearly flat at the closing bell on Wednesday, as expectations of the U.S. Federal Reserve holding interest rates after its meeting concludes later in the day subdued investors’ sentiments.

The broader NSE Nifty ended unchanged at 11,691.45, while the benchmark BSE Sensex closed up 0.17% at 39,112.74.

U.S. central bankers are expected to leave interest rates steady but potentially lay the groundwork for a rate cut later this year.

Meanwhile, automobile stocks were among the top drags on local indexes, after reports of banks reducing exposure to the sector due to slowing sales and production cuts. The Nifty auto index ended 1.11% in the red.

Yes Bank extended its bear run, ending 5.58% lower, after credit agency Moody’s put the company’s under review for a downgrade.

Jet Airways ended 18.27% down, ahead of its tribunal hearing related to the airline’s bankruptcy on Thursday.

Among gainers, Tata Steel topped the NSE gainers list after iron ore prices touched a record high on Friday.

Reporting by Derek Francis in Bengaluru; Editing by Rashmi Aich

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