Indian shares subdued as tech losses offset gains in Airtel, Kotak

BENGALURU, Sept 9 (Reuters) – Indian shares were muted on Thursday as some technology and pharma stocks offset gains in Bharti Airtel and Kotak Mahindra Bank, with sentiment turning cautious on slowing growth and potential stimulus tapering by central banks.

The blue-chip NSE Nifty 50 index was 0.03% lower at 17,348.70 by 0346 GMT and the benchmark S&P BSE Sensex rose 0.01% to 58,254.90.

Wipro Ltd inched lower for a third straight session, falling 0.8%, while Kotak Mahindra Bank gained for a second straight session, rising 1.2%.

Shares of UCO Bank surged as much as 16.4%. The country’s central bank said on Wednesday it had taken the bank off its prompt corrective action (PCA) list after it found the state-run lender was not in breach of its rules on regulatory capital, bad loans, and leverage ratio.

In Asian markets, caution kicked on economic growth worries and central banks’ policies. Several Federal Reserve policymakers on Wednesday signalled the Fed remains on track to reduce its asset purchases this year.

Source: Read Full Article