BENGALURU, Feb 11 (Reuters) – Indian equity benchmarks were little changed on Wednesday, as broad-based losses after a recent market rally pressured the earnings-driven surge in hospital chain Apollo Hospitals and Royal Enfield parent Eicher Motors.
The Nifty 50 fell 0.04% to 25,925.8, while the BSE Sensex shed 0.09% to 84,197.76, as of 10:16 a.m. IST.
Eleven of the 16 major sectors logged losses. The broader small-caps and mid-caps fell about 0.4% each.
Heavyweight banks and financials fell 0.2% and 0.1%, respectively, while state-owned lenders lost 1%. The sectors had gained almost 1%-2.8% in the last three sessions.
The IT index lost 0.8% after U.S. retail sales and labour market data suggested that the economy may be softening. IT companies earn a significant share of their revenue from the U.S.
Key benchmark constituents’ earnings, however, provided support.
Apollo Hospitals jumped 5.7% after posting a bigger-than-expected rise in quarterly profit as demand for specialty care services climbed.
Automaker Eicher Motors climbed 6% after reporting a bigger-than-expected quarterly profit, helped by strong domestic sales of its Royal Enfield motorcycles. Eicher Motors powered auto index 1.4% higher and was the biggest percentage gainer on the Nifty 50 index.
Jeweller Titan rose 1% after logging a 61% jump in third-quarter profit, buoyed by higher average selling prices for gold jewellery and strong demand during the festive season.
The Nifty 50 and Sensex have risen nearly 1.2% in the last three sessions, driven by optimism surrounding the U.S.-India trade deal, while the broader small-caps and mid-caps gained 2.6% and 2%.
The deal brought back foreign investors who bought Indian shares worth 694.5 million rupees ($7.67 million) on Tuesday, according to provisional data, in their third consecutive session of purchases.
“The overhang for domestic markets from the uncertainty around trade negotiations appears largely tackled, which could instil momentum for a further rise,” said Ravi Singh, chief research officer at Master Capital Services.
However, early trade points to consolidation after the recent rally even if the broader market structure remains constructive, said two analysts.
