June 4, 2020 / 5:35 AM / in a month

Indian shares adrift in morning trade after six sessions of rally

BENGALURU, June 4 (Reuters) - India shares seesawed between losses and gains on Thursday, following a more than 1,000-point rally in the last six sessions, as gains in IT and metals shares were offset by losses in financials.

The NSE Nifty 50 bluechip index was up 0.1% at 10,070 as of 0503 GMT, while the S&P BSE Sensex was up 0.05% at 34,124.

The Nifty 50 has risen 5.2% so far this week, after a similar rally last week.

“Having seen such a breathtaking move in the past few sessions, the market is essentially pausing to catch its breath,” said Ajay Bodke, CEO and chief portfolio manager (Portfolio Management Services) at Prabhudas Lilladher in Mumbai.

“The market always looks 6-12 months down the line. If the revival in aggregate demand is not as strong as the market believes it to be, it is vulnerable to a sharp correction.”

The Nifty banking index was mostly flat after gaining 8.4% this week, following a 11.7% surge last week.

The Nifty IT index rose 1%, while the metals index gained 0.9%. Vedanta Ltd was the top gainer in Nifty 50 index, rising 4.60%.

Among individual stocks, Housing Development Finance Corp Ltd and Kotak Mahindra Bank Ltd were top drags on the Nifty 50 index, falling 1.8% and 2.3%, respectively.

Meanwhile, Asian markets rose to a two-month high on expectations of more government stimulus to help economies come out of the impact of the global coronavirus pandemic. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Arun Koyyur)

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