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Indian shares recover to end flat after early drop on Bhutto assassination

Indian shares recover to end flat after early drop on Bhutto assassination

Indian shares ended flat Friday, recovering from an early fall after the assassination of Pakistani opposition leader Benazir Bhutto spooked investor sentiment.
The recovery was led by gains in metal shares and cigarette maker ITC.
The Sensex finished at 20,206.95 on the Bombay Stock Exchange, after trading as low as 20,022.88. On the rival National Stock Exchange, the S&P CNX Nifty also ended flat at 6,079.70.
"There was a knee jerk reaction in initial trade due to Bhutto's assassination and an overnight drop in the U.S. markets," said B. Sahu, a dealer at local brokerage Khandwala Securities. "But investors continued to buy midcap stocks. They expect the markets to sustain their gains ahead of the earnings season," he said.
Participants expect the Sensex to trade higher in the coming days as funds buy into blue chips ahead of the earnings reports expected in the second week of January. Some analysts expect the Sensex to surpass its Dec. 13 intraday record of 20,498.11 as soon as next week.
Tata Steel rose 2.8 percent Friday to 931.40 rupees, National Aluminum rose 3.5 percent to 497.55 rupees, and state-run Steel Authority of India advanced 2.3 percent to end at 279.50 rupees.
ITC rose 1.1 percent to 205.50 rupees on hopes of strong third-quarter sales growth due to normal monsoon rains.
Bharti Airtel fell 2.6 percent to 940.70 rupees amid concerns that a delay in additional bandwidth allocation by the government could slow its plan to offer its telecom services in newer regions.


Updated : 2021-05-12 00:23 GMT+08:00