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Indian shares little changed; Reliance, Tata Motors fall

Stock MarketsNov 10, 2017 12:00
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Indian shares little changed; Reliance, Tata Motors fall

* Both NSE and BSE indexes steady

* Higher oil prices hurt refiners

* Indexes on track to close lower on week

By Krishna V Kurup

Nov 10 (Reuters) - Indian shares were nearly unchanged on Friday, with refiners such as Reliance Industries Ltd RELI.NS tumbling as oil prices gained overnight and Tata Motors Ltd TAMO.NS down after it said its British unit faced intensifying competition.

Oil prices rose nearly 1 percent on Thursday, supported by supply cuts from major exporters as well as continuing concerns over political developments in Saudi Arabia. O/R

"Political tensions amidst emerging power struggle in the Middle East is responsible for the rise in crude oil prices," Axis Securities' analysts said in an email to Reuters. "As a result, oil marketing companies are trading lower."

The broader NSE index .NSEI was 0.04 percent lower at 10,305 as of 0551 GMT, while the benchmark BSE index .BSESN was flat at 33,253.76. The NSE index was on track to end 1.40 percent down this week, while the BSE index was on track to lose 1.3 percent.

The Nifty energy index .NIFTYENR fell 0.7 percent, with Reliance Industries down 1.3 percent and Hindustan Petroleum Corp HPCL.NS 1.5 percent lower.

Tata Motors Ltd TAMO.NS dropped as much as 3.2 pct after it said it expects sales for its flagship British unit Jaguar Land Rover to soften in the United Kingdom and the United States due to challenge from competing carmakers. Pharma Ltd ARBN.NS fell 3.9 percent, despite a better-than-expected 29 percent increase in second quarter profit. Analysts said positive sales growth did not translate into strong profit due to weaker-than-expected gross margins and EBITDA margins. & Toubro Ltd LART.NS , however, gained 3.8 percent and was the top gainer on both the indexes, after its unit L&T Construction won orders worth 40.23 billion rupees ($618.80 million). ($1 = 65.0125 Indian rupees)

Indian shares little changed; Reliance, Tata Motors fall
 

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