{"id":139474,"date":"2021-09-22T11:46:58","date_gmt":"2021-09-22T11:46:58","guid":{"rendered":"https:\/\/precoinnews.com\/?p=139474"},"modified":"2021-09-22T11:46:58","modified_gmt":"2021-09-22T11:46:58","slug":"indian-shares-end-flat-as-private-banks-drag-media-stocks-surge","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/indian-shares-end-flat-as-private-banks-drag-media-stocks-surge\/","title":{"rendered":"Indian shares end flat as private banks drag; media stocks surge"},"content":{"rendered":"

BENGALURU (Reuters) – Indian shares ended flat on Wednesday as major private bank stocks slipped and offset sharp gains in Coal India, while media firms soared on news of Zee Entertainment merging with a rival.<\/p>

FILE PHOTO: The Bombay Stock Exchange building is seen from a facade in Mumbai, India, May 16, 2018. REUTERS\/Francis Mascarenhas<\/figcaption>

The blue-chip NSE Nifty 50 index closed 0.09% lower at 17,546.65, while the S&P BSE Sensex fell 0.13% to 58,927.33.<\/p>\n

Investors also awaited the results of a two-day U.S. Federal Reserve meeting later in the day, where the central bank is expected to give cues on a possible tapering of its bond buying program.<\/p>\n

An indication of tapering would likely impact the market and \u201csuck out some liquidity\u201d, said K.K. Mittal, an investment advisor with Venus India.<\/p>\n

Private banks fell 0.7%, erasing gains from the previous session, with Housing Development Finance Corp shedding more than 1% to be among the biggest losers on the Nifty 50.<\/p>\n

Media stocks posted their best day ever as Zee Entertainment surged 39% on its board approval for a merger with Sony Group Corp\u2019s Indian unit, a week after the Indian media giant\u2019s top shareholders had asked for a management reshuffle.<\/p>\n

Real estate stocks jumped 8.5%, with Godrej Properties adding 13.2% to lead the charge in the sector.<\/p>\n

Analysts have said signs of improving sales on easing COVID-19 restrictions is helping sentiment, with a rise in large asset purchases expected during the upcoming festive season.<\/p>\n

Auto stocks ended 1.3% higher, as analysts pointed to similar factors aiding gains in the sector.<\/p>\n

Consumer stocks fell, with Nestle India dropping nearly 1.5% to be the top loser on the Nifty 50. On Tuesday, the company’s chairman told here local media there were no sure signs that sustained consumption is here to stay.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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