Sensex, Nifty End Choppy Session Narrowly Mixed; Private Banks Surge
(RTTNews) - Indian shares swung between gains and losses before ending on a flat note Wednesday as investors reacted to hawkish Fed comments and escalating geopolitical tensions in Europe and the Middle East.
The dollar wobbled and Treasury yields rose amid signs that U.S. economic activity remained lackluster in the second quarter.
May U.S. industrial production and manufacturing output both beat expectations while retail sales barely rose and April's data was revised significantly lower, sending Treasury yields lower and helping investors increase bets on two interest-rate increases this year.
However, several officials speaking Tuesday stressed the Fed's commitment to making decisions based on incoming economic data.
St. Louis Federal Reserve Bank President Alberto Musalem, in his first speech in his new role on the economy, said the U.S. central bank should only start to cut interest rates after "months, and more likely quarters" of falling inflation.
The Nifty50 and Sensex both hit fresh record highs for the fourth consecutive session before ending on a flat note.
The 30-share Sensex ended the session up 36.45 points at 77,337.59 while the broader NSE Nifty index finished down 41.90 points, or 0.18 percent, at 23,516.
Private banks surged, with Kotak Mahindra Bank, IndusInd Bank, ICICI Bank, HDFC Bank and Axis Bank rising 1-3 percent.
On the losing side, BPCL, Bajaj Auto, Bharti Airtel, Maruti Suzuki India and Titan Company dropped 2-4 percent.
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