May 2, 2019 / 6:49 AM / 5 months ago

Indian shares muted as investors eye fresh triggers; IT stocks drag

* NSE index flat, BSE index up 0.1 pct

* HDFC Bank top boost

* Jet Airways hits 10-yr low

By Krishna V Kurup

May 2 (Reuters) - Indian shares were little changed on Thursday, with gains seen in financials and energy shares, while IT stocks dragged, as investors awaited fresh triggers amid the ongoing national election.

The broader NSE index was flat at 11,748.05 as of 0639 GMT, while the benchmark BSE index rose 0.11 percent to 39,076.38.

The markets were shut on Wednesday on account of a public holiday.

“Negative sentiment from global markets and ongoing election is keeping markets cautious. Inflow from institutional investors has also slowed down, which is leading to this kind of subdued market,” said Siddhartha Khemka, head of retail research at Motilal Oswal Securities.

Financials accounted for nearly one-third of the gains on the NSE index. HDFC Bank, the top boost, gained as much as 1.6 percent.

Oil-to-telecom giant Reliance Industries was second in line, adding up to 1.5 percent.

Among gainers, Container Corporation of India rose as much as 5.6 percent after it posted strong quarterly results on Tuesday.

63 Moons Technologies Ltd hit upper circuit, surging as much as 10 percent, after the country’s top court set aside the firm’s merger with National Spot Exchange Ltd on Tuesday.

Meanwhile, IT firms Infosys and Tata Consultancy Ltd lost as much as nearly 2 percent.

Beleaguered airline Jet Airways Ltd slumped to a decade low after a media report said bidders for the struggling airline had not yet shown interest in following up on their offers.

Two-wheeler maker TVS Motor Co marked its worst day since September after it posted over 19 percent fall in March quarter profit on Tuesday. (Reporting by Krishna V Kurup in Bengaluru; editing by Uttaresh.V)

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