Indian shares flat as HDFC weighs; Muthoot Finance falls

  • Reuters
  • Stock Market News
Indian shares flat as HDFC weighs; Muthoot Finance falls
Credit: © Reuters.

BENGALURU, March 8 (Reuters) - Indian shares ended flat on Monday, as losses in top non-banking finance company HDFC countered gains in information technology and energy stocks, while top gold financing company Muthoot Finance fell after the death of its chairman.

The blue chip NSE Nifty 50 index .NSEI added 0.12% to close at 14,956.20, while the benchmark S&P BSE Sensex .BSESN gained 0.07% to close at 50,441.07. Both indexes had gained as much as 1.2% earlier in the session.

Market sentiment also tracked global shares, which were mixed as initial optimism over the U.S. Senate's passing of a $1.9 trillion stimulus bill gave way to inflation fears. MKTS/GLOB

In domestic trading, Muthoot Finance Ltd MUTT.NS shed 2.4%, after the company said https:// its chairman M. G. George Muthoot passed away on Friday. Local papers said the chairman fell to his death from the fourth floor of his house. Nifty Financial Services Index .NIFTYFIN , which rose 1.62% last week, closed 0.37% lower. HDFC Ltd HDFC.NS was the biggest drag to the Nifty 50 index, falling 1.3%.

The Nifty IT index .NIFTYIT , which rose 3.82% last week, continued to add to its gains, closing 0.47% higher.

The Nifty energy index .NIFTYENR ended 1.14% higher, amid a surge in Brent crude futures to their highest in more than a year. O/R

Defence, mining equipment and rail coach maker BEML Ltd BEML.NS closed 20% higher after the Mint newspaper reported https:// that at least six companies, including automakers Tata Motors Ltd TAMO.NS and Mahindra and Mahindra Ltd MAHM.NS , are looking to buy a 26% stake in the state-run company.

Search engine company Just Dial Ltd JUST.NS gained 10% after it signed https:// a deal to become an advertising sponsor for the upcoming season of the Indian Premier League cricket tournament.

The Economic Times newspaper also reported https:// that the digital arm of the Tata Group conglomerate held talks with Just Dial for a strategic alliance or a stake.

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