India's benchmarks flat as investors focus on Russia-US talks
The Nifty 50 traded within a range of 68.25 points, the narrowest since May 18, 2024. It rose 0.03% to 24,626.6 points, while the BSE Sensex gained 0.09% to 80,605.28, as of 10:20 a.m. IST.
Nine of the 16 major sectors declined marginally. The broader small-caps and mid-caps lost 0.3% each.
Infosys rose about 1.6% after announcing a joint venture with Australian telecom major Telstra, pushing the IT index 0.6% higher.
Its $153-million deal deepens Infosys' ties with the key client and is expected to bolster its telecom vertical and Australian presence, Nomura analysts said.
MSCI's broader index for Asia-Pacific stocks outside Japan traded flat, after jumping in the previous session on prospects of a Federal Reserve rate cut next month.
Indian shares track global rally on US rate cut hopes
U.S. President Donald Trump and his Russian counterpart, Vladimir Putin, will discuss a possible deal to end the war in Ukraine when they meet on Friday in Alaska.
The talks are being closely watched by market participants in India after Washington imposed an additional 25% tariff on Indian goods over New Delhi's Russian oil imports.
'Any breakthrough from these engagements could raise hopes for the removal of secondary tariffs … and support domestic market sentiment,' said Siddhartha Khemka, head of research of wealth management at Motilal Oswal Financial Services.
Markets are in wait and watch mode ahead of the Trump-Putin summit and remain primed for a sharp rebound if a positive trigger sparks short covering, two analysts said.
Among individual stocks, Domino's India operator Jubilant Foodworks gained 2.2% after beating first-quarter profit estimates.
Vishal Mega Mart and Muthoot Finance hit record highs after reporting a rise in their June quarter profits.
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