Indian shares closed nearly flat on Monday in choppy trading, weighed down by a ratings outlook cut by Moody’s Investors Service for the country last week and absence of fresh triggers for investors.
The ratings agency lowered India’s ratings outlook to “negative” from “stable” on late Thursday, citing increasing risks that growth in Asia’s third-largest economy will remain lower than in the past.
The broader Nifty closed up 0.04% at 11,913, while the benchmark Sensex finished 0.06% higher at 40,339.43.
The Nifty private bank index, public sector bank index, and the public sector enterprise index we top gainers, rising 1% to 1.3%.
The Nifty IT index and the fast moving consumer goods index were top losers, each falling about 0.5%.
Meanwhile, the Nifty realty index rose for a third straight session, gaining 0.8%.
Zee Entertainment closed up 6.23% and was the top gainer on the Nifty, while Nestle India was the top loser, posting a 2.5% drop.
Indian markets will be closed on Tuesday for a public holiday.