India’s main indexes ended little changed on Thursday as gains in metal and auto stocks were offset by a drop in financial and consumer staples shares, with investors looking for fresh triggers amid continued surge in domestic coronavirus cases.
The NSE Nifty 50 index ended 0.07% lower at 11,300.45, while the benchmark S&P BSE Sensex fell 0.15% to 38,310.49.
“Most of the factors including earnings are factored in large-cap stocks. At the same time market is also acknowledging that small- and mid-caps are much cheaper and most of the earnings have started to come,” said Vinod Nair, head of research at Geojit Financial Services.
For the large-caps to move higher, markets need fresh triggers, he added.
“Going forward, main indices could be flattish and see some profit booking and shift in money allocation to small- and mid-cap stocks from larger ones,” Nair said.
The mid-cap index rose 1.6% and the small-cap added nearly 0.8%.
India reported another record daily rise in novel coronavirus infections on Thursday, while the death toll from COVID-19 surpassed 47,000.
Meanwhile, steady virus figures in the United States and a jump in U.S. consumer prices in July helped Asian markets rise on Thursday.
In Mumbai trading, the Nifty Metal index rose 1.1%, while the Nifty auto index gained 1.22%.
Consumer heavyweight ITC Ltd and telecom operator Bharti Airtel Ltd were the top drags in the Nifty 50 index, falling 1.4% and 2.25%, respectively.
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