* NSE index down 0.03 pct, BSE index 0.02 pct lower
* Upbeat sentiment following budget continues - analyst
By Tanvi Mehta
Feb 13 Indian shares were little changed on
Monday with losses in financials such as Bank of Baroda Ltd
and telecom company Idea Cellular Ltd
outweighing gains in IT stocks.
However, investor sentiment was upbeat as Asian shares
ticked up on renewed optimism over U.S. President Trump's tax
reform plans and his change of tack to agree to honour the "one
Trump plans to announce the most ambitious tax reform plan
since the Reagan era in the next few weeks, the White House said
last week, sending stock prices and the dollar higher on hopes
for a cut in corporate tax rates.
"Markets have been fairly strong after the budget and
mid-caps have been doing well... Global mood is also helping
boost sentiment (in India)," said Jayant Manglik, president,
retail distribution, Religare Securities.
The broader NSE index was down 0.03 percent at
8,791.60 as of 0531 GMT, while the benchmark BSE index
was 0.02 percent down at 28,319.
As of Friday's close, the NSE index had gained 2.7 percent
since the budget on Feb. 1, rising in seven sessions out of the
eight so far this month.
IT stocks were the biggest contributors to the gains with
the Nifty IT index, which fell about 7 percent in
2016, trading 0.41 percent higher. Tata Consultancy Services Ltd
was up 0.8 percent, while Infosys Ltd was 0.7
Banks were the biggest drags with the Nifty PSU bank index
shedding as much as 2.7 percent. Bank of Baroda Ltd
slumped as much as 8.9 percent in its biggest
percentage loss since Nov. 21, 2016 after reporting a
lower-than-expected quarterly profit on Friday.
Among other losers, Idea Cellular fell as much as 5.6
percent in its biggest percentage decline in a month, after the
company posted its first quarterly loss as a new rival forced
carriers to cut prices in the highly competitive domestic
(Reporting by Tanvi Mehta in Bengaluru; Editing by Subhranshu