Indian shares muted as metal, banking gains offset auto losses

People stand outside the Bombay Stock Exchange (BSE), after Sensex surpassed the 60,000 level for the first time, in Mumbai, India, September 24, 2021. REUTERS/Francis Mascarenhas/File Photo

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BENGALURU, June 1 (Reuters) – Indian shares were flat on Wednesday, as gains in metal and banking stocks were offset by losses in auto scrips, while data showed that the country’s economic growth slowed to the lowest in a year in the first three months of 2022.

After eking out minor gains in the early minutes of the session, the NSE Nifty 50 index (.NSEI) was down 0.01%% at 16,581.95 by 0441 GMT. The S&P BSE Sensex (.BSESN) was down 0.03% at 55,552.31.

On Tuesday, both indexes snapped three straight sessions of gains as a rally in technology stocks paused and banking stocks fell.

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“We are moving into a consolidation phase, investors might not be all that keen to push decisions or put money on the table ahead of India central bank’s monetary policy decision next week,” said Anand James, chief market strategist at Geojit Financial Services.

On Wednesday, a four-day rally in auto stocks lost steam with the Nifty auto (.NIFTYAUTO) sub-index falling 0.8% ahead of May sales data from automakers in the country.

Shares of Bajaj Auto (BAJA.NS) fell 3.1% and were the top percentage losers on the Nifty 50 index.

IT stocks (.NIFTYIT) extended losses and fell nearly 1%.

Limiting losses, metal stocks (.NIFTYMET) rose 0.8% while Asian Paints (ASPN.NS) rose 2.8% to a one-week high and was the top percentage gainer on the Nifty 50.

Financial stocks also lent support, the Nifty finance index (.NIFTYFIN), bank index (.NSEBANK) and PSU bank index (.NIFTYPSU), which tracks state-run banks, all rose 0.3% each.

After market hours on Tuesday, government data showed India’s gross domestic product grew 4.1% year-on-year in January-March, below the 5.4% growth in Oct-December and growth of 8.4% in July-Sept. read more

Meanwhile, Asian stocks steadied although investors were jittery after eurozone inflation rose to a record high and stoked concerns about rate rises globally.

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Reporting by Chandini Monnappa in Bengaluru; Editing by Shailesh Kuber

Our Standards: The Thomson Reuters Trust Principles.

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