Indian stocks struggle as technology wipes out energy gains

BENGALURU, Sep 28 (Reuters) – Indian stocks battled for direction Tuesday as gains in energy stocks offset losses in technology and real estate stocks.

The blue chip index NSE Nifty 50 (.NSEI) fell 0.09% to 17,870.3 by 0458 GMT, and the benchmark S&P BSE Sensex (.BSESN) fell 0.01% to 60,074.51.

It’s an “intermittent, healthy break in a buyer’s market,” said Ajit Mishra, vice president of research at Religare Broking.

Indian stocks are up about 4% this month and hit record highs amid plentiful liquidity and hopes of strong economic recovery from pandemic troughs.

Trading was slightly volatile on Tuesday, with the Nifty Volatility Index (.NIFVIX) rising 2.5% in morning trading.

Volatility could continue as the holiday season and profit season begin, Mishra said.

Energy stocks (.NIFTYENR) rose more than 2% to hit a record high. Indian Oil Corp (IOC.NS) climbed over 2% and was among the biggest winners of the Nifty 50.

Metal stocks (.NIFTYMET) rose 1.4%, driven by a 4.8% gain in Coal India (COAL.NS).

Tech stocks (.NIFTYIT) fell more than 1% after slipping 2.9% on Monday. HCL Technologies (HCLT.NS) lost nearly 2% and was the Nifty 50’s biggest loser.

Real estate stocks (.NIFTYREAL) made five straight gains and fell more than 2%, while Oberoi Realty (OEBO.NS) slipped over 5% and led the losses in the sub-index.

Broader Asian markets traded lower as the risk of default by debt-laden real estate giant China Evergrande (3333.HK) took center stage again.

Reporting by Soumyajit Saha in Bengaluru; Editing by Subhranshu Sahu

Our Standards: The Thomson Reuters Trust Principles.

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