October 9, 2019 / 4:52 AM / 2 months ago

Indian shares flat as investors eye Q2 results; Yes Bank, Titan drop

BENGALURU, Oct 9 (Reuters) - Indian shares were largely unchanged on Wednesday, as global equities took a beating after U.S.-China standoff broadened and as investors kept a cautious stance ahead of September-quarter corporate results.

Broader Asian peers fell the most in a week as the United States and China’s broadening dispute over trade and foreign policy showed little sign of coming to an end, weighing on global economic growth.

High-level talks between the world’s top two economies on trade are due to resume on Thursday. The negotiations, which have been the global markets’ most important catalyst for months, have weighed on investor sentiment.

The broader NSE index was down 0.16% at 11,108.40, as of 0440 GMT, while the benchmark BSE index was 0.17% weaker at 34,467.77.

Company earnings for the year ending March 2020 are expected to receive a boost after the Indian government moved to slash corporate taxes last month to 22% from 30%.

“People are waiting for the start of the Q2 results,” said Vinod Nair, head of research at Geojit Financial in Kochi, referring to the fiscal second quarter ended Sept. 30.

“Because of the tax cuts, the prospects for earnings growth look very good,” he said.

Financial results from Tata Consultancy Services Ltd are expected on Thursday, marking the start of the quarterly results season.

The biggest laggards in the NSE index were Yes Bank Ltd and Titan Co Ltd.

Yes Bank’s shares, which have been volatile over the past few weeks amid stake sales by the lender’s promoters and concerns over its exposure to troubled real estate firms, dropped 7.9%.

Titan dived 5.2% after the watch and jewellery maker flagged lean sales and said its managing director of 17 years would step down.

Ultratech Cement Ltd was the top gainer in the NSE index with a 2.5% rise. (Reporting by Sachin Ravikumar, Editing by Sherry Jacob-Phillips)

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