Mumbai: Indian shares traded flat on Friday, after hitting record highs earlier in the session, as Yes Bank Ltd slumped on concerns over bad loans, while investors booked profits in recent gainers.
The NSE Nifty and BSE Sensex were set to gain more than 1.9 per cent each for the week after the cabinet’s decision to inject $32.4 billion into state-run lenders over the next two years boosted sentiment.
Analysts said markets may take a breather as investors digest corporate results. Indian Oil Corporation, down 1.5 per cent, and ICICI Bank Ltd, down 3.4 per cent, will report their numbers later in the day.
“Markets are looking at consolidating before moving,” said Arun Kejriwal, founder, Kejriwal Research & Investment Services, an advisory firm.
The broader Nifty was down 0.11 percent at 10,332.35 as of 11.28am, and was headed for its biggest weekly gain in three.
The benchmark Sensex was 0.11 percent higher at 33,183.65, and was headed for its fourth consecutive weekly gain.
Shares of Yes Bank dropped as much as 9.9 percent to their lowest since July 5 and were the biggest drag on the Nifty after the lender’s bad loan ratio jumped to 1.82 percent at end-Sept, while the classification of an additional 63.55 billion rupees ($978.03 million) as bad loans also raised concerns.
United Spirits Ltd surged as much as 17 percent to its highest since January 2016 after strong performance in the second-quarter. Its peers United Breweries Ltd, GM Breweries Ltd and Radico Khaitan Ltd also gained between six-ten percent.