* NSE index up 0.04 pct, BSE index 0.05 pct higher
* Nifty PSU bank index down 1.8 pct
* Investors book profit in recent outperformers
By Samantha Kareen Nair
May 9 Indian shares were flat on Tuesday as
investors booked profits in recent outperformers such as Ambuja
Cements Ltd and ACC Ltd while banks erased
gains from the previous session's rally.
Caution also prevailed ahead of a late spell of quarterly
earnings, with Bharti Airtel slated to announce
results later in the day.
Asian shares were also subdued as investors looked for the
next catalyst after France's presidential election.
"The recent rally in banks was a bit overdone as there is
still not much clarity with regard to how the government's
ordinance for tackling bad debt will pan out," said Saurabh
Jain, assistant vice-president of research at SMC Global
"Investors will continue to watch the progress of what's
left in the earnings season."
The broader NSE index was up 0.04 percent at 9,318.2
as of 0520 GMT, while the benchmark BSE index was 0.05
percent higher at 29,942.47.
The Nifty PSU bank index fell as much as 1.84
percent after rising as much as 1.59 percent in the previous
session. State Bank of India was down 1.4 percent while
Bank of India and Bank of Baroda declined more
than 2 percent each.
Banks gained on Monday after India tweaked its laws last
week to help tackle a record $150 billion in bad loans, a move
aimed at pushing reluctant lenders towards writedowns and errant
borrowers into insolvency.
Ambuja Cements fell 1.5 percent while ACC was down 0.6
percent. Both stocks had traded in the green in the previous
Canara Bank declined as much as 4.4 percent as it
posted a lower-than-expected fourth-quarter profit on Monday,
while Union Bank of India also fell 3.8 percent after
missing estimates on March-quarter profit.
Book publisher S Chand and Company Ltd gained as
much as 4.48 percent before paring gains in a tepid market
(Reporting by Samantha Kareen Nair in Bengaluru; Editing by