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Sensex, Nifty Little Changed; Metal And IT Stocks Drag
(RTTNews) - Indian shares were little changed in early trade on Thursday despite weak global cues after Fed chair Jerome Powell's comments at the press conference post Fed meeting turned out to be more hawkish than expected.
Powell warned that thoughts about a potential pause would be "very premature", and that the Fed hasn't "overtightened" yet as the battle against inflation would require borrowing costs to rise further.
The benchmark S&P BSE Sensex was down 42 points at 60,864 after having snapped a four-day winning streak in the previous session. The broader NSE Nifty index was down 9 points at 18,073.
Metal and IT stocks led losses, with TCS, Infosys, Wipro, Tech Mahindra and Hindalco losing 1-2 percent.
On the positive side, Axis Bank, Bharti Airtel, Titan Company and Bajaj Auto rose 1-2 percent.
Hero MotoCorp, HDFC and Vodafone Idea were narrowly mixed ahead of their earnings results.
Rail Vikas Nigam rallied 2.3 percent. LIC has offloaded 2.02 percent equity stake in the company.
JK Paper gained 1 percent as it reported a more than two-fold increase in consolidated net profit for the second quarter of FY23.
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