* NSE index down 0.08 pct, BSE index 0.11 pct lower
* Global events awaited - analyst
* Financial stocks gain
By Tanvi Mehta
June 8 Indian shares traded flat on Thursday
tracking Asian peers ahead of a slew of global events including
the European Central Bank's policy meeting, U.K. elections and
congressional testimony from ex-FBI director James Comey.
But banking shares such as HDFC Bank gained, after
the Reserve Bank of India sharply cut its inflation projections
and delivered a less hawkish policy statement, which raised
expectations of potential rate cuts.
"Global equity markets are awaiting for the outcome of the
three events and their impact on the risks and demand," said
Deepak Jasani, head-retail research, HDFC Securities.
The broader NSE index was down 0.08 percent at
9,656.65 as of 0549 GMT, with Tata Steel Ltd as the
top percentage gainer trading 3 percent higher.
The benchmark BSE index was 0.11 percent lower at
Financial stocks pushed the indexes higher, with Kotak
Mahindra Bank and HDFC Bank driving the
gains after the Reserve Bank of India made it easier for India's
stressed banks to lend, cutting their statutory liquidity ratio
by 50 basis points to 20 percent of total deposits from June 24.
IT stocks fell and the Nifty IT index was down
1.2 percent. The index has risen nearly 3 percent this year, as
of Wednesday's close.
Shares of Reliance Communications continued their
slide, after the embattled mobile carrier pushed back against
Moody's and Fitch, disagreeing with their rating downgrades
earlier on Wednesday. Shares fell as much as 2.8 percent to
their lowest in over a week.
Petronet LNG shares fell as much as 3.4 percent to
their lowest in over two weeks after GDF International sold its
entire 10 percent stake of 75 million shares, raising 31.5
billion rupees ($489.23 million), according to IFR.
($1 = 64.3875 Indian rupees)
(Reporting by Tanvi Mehta in Bengaluru; Editing by Vyas Mohan)