By Abhishek Vishnoi
MUMBAI (Reuters) - The BSE Sensex ended ended flat for a second straight session on Monday as software services exporters rose ahead of their quarterly results although sentiment overall was broadly cautious due to the continued U.S. budget standoff.
Outside of some sectors such as the technology services, which are expected to see stronger overseas demand from key markets, analysts worry that weakening economic growth and the rupee volatility will constrain earnings.
At the same time, global shares could come under continued pressure as U.S. lawmakers showed no signs of making any progress to resolve the budget standoff and the looming debt deadline.
Caution is thus likely to prevail, with Infosys Ltd
"The Nifty has closed on a flat note and just near the 5,900 level for a third straight session. This clearly shows that the market is showing strength from lower levels, however caution ahead of quarterly results and weaker global cues have limited the upside too," said Nidhi Saraswat, a senior research analyst at Bonanza Portfolio Ltd.
The BSE Sensex ended down 0.1 percent, or 20.85 points, at 19,895.10 after falling as much as 1.3 percent.
The Nifty fell 0.02 percent, or 1.15 points, to 5,906.15.
Among blue-chip shares, banking stocks slumped. ICICI Bank
The Bank Nifty fell nearly 10 percent in August before rising 6.3 percent in September.
However, among stocks that gained, Apollo Tyres
Software services exporters extended gains on expectations of strong results for the July-September quarter, given a recovery in the sector's core markets, analysts said.
Tata Consultancy Services
(Editing by Subhranshu Sahu)
- Company Earnings
- BSE Sensex