By Vivek Kumar M
(Reuters) -Indian shares were flat on Wednesday as a bounce in Infosys after its buyback timeline update was offset by weakness across the broader market, while global sentiment stayed muted ahead of Nvidia’s earnings.
The Nifty 50 slipped 0.05% to 25,897.6, while the BSE Sensex inched down 0.01% to 84,662.21 as of 9:38 a.m. IST.
Eleven of the 16 major sectors traded lower. The mid-caps rose 0.1%, while small-caps were down 0.2%.
Information technology stocks jumped 1.9%, led by a 2.5% rise in Infosys. India’s second-largest software exporter said its 180-billion-rupee share buyback will begin on November 20.
With quarterly earnings season concluded and foreign flows choppy, investors are waiting for fresh cues to help strengthen the recent rally, two analysts said.
“The market undertone remains positive, but there is a strong resistance at the 26,000-point level for Nifty,” said Anita Gandhi, founder and head of instituional business at Arihant Capital Markets.
The 50-stock index fell 0.4% on Tuesday, snapping a six-session winning streak, in which it had gained about 2%. The index sits 1.4% below its record high hit in September 2024.
Sentiment globally was subdued, with U.S. stocks dropping overnight on valuation worries, while Asian markets were muted after a sharp correction in the previous session. [MKTS/GLOB]
The steady decline in AI stocks, without a major crash, is good for India from foreign flows perspective, said VK Vijayakumar, chief investment strategist at Geojit Investments.
Meanwhile, investor focus will be on the minutes from the U.S. Federal Reserve’s latest policy meeting, due later in the day, and the September non-farm payrolls report on Thursday, which was delayed due to the government shutdown.
The two will be crucial for investors to assess whether the Fed will cut rates in December.
(Reporting by Vivek Kumar M; Editing by Eileen Soreng and Sonia Cheema)
