People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, August 1, 2025. REUTERS
Dec 23 (Reuters) – Indian benchmark shares were flat on Tuesday, with losses in IT stocks capping gains, as the lack of fresh triggers and thin year-end trading volumes weighed and investors looked to the upcoming third-quarter earnings season for a confidence boost.
The Nifty 50 fell 0.02% to 26,167.35, while the BSE Sensex shed 0.08% to 85,496.56 as of 10:35 a.m. IST.
On the day, eleven of the 16 major sectors logged gains, though the rise was marginal. The broader small-caps rose 0.2% while mid-caps traded flat.
IT index lost 1.1%, pulling back after gaining 3.7% in the last four sessions from a weak rupee that is still hovering near record lows and rising hopes of U.S. rate cut in 2026.
A rate cut in the key United States market will improve sentiment and spur client spending for export-linked sectors such as IT.
“To sustain momentum and move toward fresh highs, markets are awaiting confirmation of an improvement in earnings in the results season beginning in two weeks,” said Kranthi Bathini, director of equity strategy at Wealthmills Securities.
“An India–U.S. trade deal would also help ease pressure on the currency while supporting equities.”
Among individual stocks, Ambuja Cements jumped 2% after approving the merger of ACC and Orient Cement which is projected to lead to about 10% value accretion for Ambuja’s shareholders.
Canara HSBC Life gained 3% after Investec initiated coverage with a “Buy”, identifying the company as a beneficiary of the structural life insurance growth in India.
JK Tyre jumped 3.5% after Emkay Global reiterated “Buy”, saying the firm is entering a phase of accelerating revenue growth and offers valuation comfort compared to peers.
Crane rental company Sanghvi Movers and waste management firm Antony Waste jumped 6.7% and 7.3%, respectively, on multi-billion-rupee order wins.
Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Janane Venkatraman
