The Indian equity benchmarks were little changed on Tuesday as gains in Tata Motors, Sun Pharma, State Bank of India and Tata Consultancy Services were offset with losses in Infosys, ICICI Bank, Mahindra & Mahindra, Hindustan Unilever and Maruti Suzuki amid weak global cues. The Sensex moved in a band on 150 points while the Nifty 50 index touched high of 17,960 and low of 17,907. Meanwhile, Asian shares dropped and the safe-haven dollar held firm on Tuesday, as a global energy crunch fuelled inflation fears, clouding investor sentiment before the US corporate earnings season.
As of 9:24 am, the Sensex was up 107 points at 60,242 and Nifty 50 index rose 27 points to 17,973.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.9 per cent in early trade, after US stocks ended the previous session with mild losses. US stock futures, the S&P 500 e-minis, fell 0.43 per cent.
Overnight, US shares fell on Monday, having whip-sawed between gains and losses as soaring oil prices that hit multi-year peaks stoked fears about rising prices and tighter monetary policy, lifting the dollar to a near-three-year high against the yen.