India's benchmark stock indices swung between gains and losses, with little change on Friday through midday. While public sector unit banks and information technology declined, real estate and private banking shares were buoyant. Infosys Ltd., Hindustan Unilever Ltd., and State Bank of India dragged, whereas Axis Bank Ltd. and ICICI Bank Ltd. led the positive change on the indices.
Asian markets headed for a second weekly gain after the S&P 500 entered a bull market, and Chinese price data increased pressure for a rate cut from the central bank.
The biggest advance was seen in Japanese stocks, which snapped a two-day decline, while those in Australia rose for the first time in four days. South Korean equities climbed to levels last seen a year ago.
A small gain for Hong Kong's Hang Seng pushed the benchmark towards its highest close in more than two weeks, while mainland China stocks traded in tight ranges. U.S. stock futures inched lower in Asia, while contracts for Europe rose slightly.
As of 12:08 p.m., the S&P BSE Sensex was down 4 points or 0.01% at 62,844.44, while the NSE Nifty 50 was 2 points or 0.01% lower at 18,632.40.
Axis Bank Ltd., HDFC Bank Ltd., HDFC Ltd., ICICI Bank Ltd., and Larsen & Toubro Ltd. were positively adding to changes in the Nifty.
Infosys Ltd., Hindustan Unilever Ltd., State Bank of India, Kotak Mahindra Bank Ltd., and Tata Consultancy Services Ltd. were weighing the index down.
The broader market indices outperformed their larger peers; the S&P BSE MidCap was up 0.24%, whereas the S&P BSE SmallCap was higher by 0.26%.
Thirteen out of the 20 sectors compiled by BSE advanced, while seven sectors declined, with S&P BSE Teck falling the most.
The market breadth was skewed in favour of sellers. About 1,832 stocks rose, 1,531 declined, and 139 remained unchanged on the BSE.
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