By Rama Venkat
BENGALURU (Reuters) -Indian shares were mixed on Monday, giving up some early gains to track a decline in U.S. futures, with little domestic cues left as the corporate earnings season draws to a close.
The NSE Nifty 50 index rose 0.07% to 18,129.90 as of 0518 GMT, while the S&P BSE Sensex was 0.05% lower at 60,920.77, after climbing over 0.7% each in the session on the back of strong results from heavyweights State Bank of India and Britannia Industries.
SBI climbed nearly 5% to an all-time high after it reported a record quarterly profit and said it expects credit growth to remain in double-digits.
“U.S. futures have given up some of the gains. Domestic equities is also possibly looking for additional triggers as earnings from big companies are out which only leaves us to looking at global news flow,” said Rohit Srivastava, founder and market strategist at Indiacharts.
U.S. stock futures and commodities slipped in Asia on Monday after Beijing denied it was considering easing its zero COVID-19 policy. [MKTS/GLOB]
“The U.S. dollar gave up gains on Friday and that is helping the rupee and equities today as we’re seeing a rise in global metal stocks,” Srivastava said.
Top performing sectors on the Nifty shed gains. However, the public sector bank held fort and was last up 3.7%, led by a sharp rise in SBI and Bank of Baroda.
Nifty’s metal index advanced up to 2% to an over six-month high.
Britannia Industries Ltd rose as much as 10% after the biscuit maker late Friday reported a 28.4% jump in second quarter profit .
State-run Coal India Ltd and digital payments firm Paytm were up 1.2% and 0.8%, respectively, ahead of their quarterly results.
Market participants this week will closely watch U.S. consumer prices data for October that will likely offer cues to the U.S. Federal Reserve’s rate outlook.
($1 = 81.9620 Indian rupees)
(Reporting by Rama Venkat in Bengaluru; Editing by Janane Venkatraman and Dhanya Ann Thoppil)
