Equity indices flat as India-China tensions simmer, banking stocks slip

Mumbai (Maharashtra): Equity benchmark indices were flat during early hours on Thursday as border tensions between India and China continued to simmer while COVID-19 infections surged.

At 10:15 am, the BSE S&P Sensex was up by 68 points or 0.2 per cent at 33,576 while the Nifty 50 edged higher by 18 points or 0.19 per cent at 9,900.

Sectoral indices at the National Stock Exchange were mixed amid lacklustre trading. Among stocks, private banks slipped with ICICI Bank down by 1.1 per cent to Rs 338.10 per share.

Kotak Mahindra Bank dipped by 0.9 per cent, Axis Bank by 0.8 per cent and IndusInd Bank by 0.6 per cent. The others which lost were ONGC, Adani Ports, NTPC, Larsen & Toubro and Bajaj Auto.

However, those which gained marginally were UPL, Bajaj Finserv, ITC, Vedanta, Britannia and Dr Reddy’s.

Meanwhile, Asian stocks fell as spiking coronavirus cases in several US states and China pushed back hopes of a quick global economic recovery from the pandemic. MSCI’s broadest index of Asia Pacific shares outside Japan lost by 1 per cent.

Japan’s Nikkei was down by 1.3 per cent while in mainland China, bluechip CSI300 shares shed 0.1 per cent. (ANI)