Indian Shares Edge Lower After Firm Start

(RTTNews) - The Indian markets slipped into negative territory after opening on a positive note. Auto, FMCG, metal, oil/gas and realty stocks are subdued, while banking, capital goods and power shares are gaining ground.

The benchmark S&P BSE Sensex is currently down 45 points or 0.17 percent at 27,163, while the broader CNX Nifty index is virtually unchanged at 8,172.

Among the prominent decliners, BPCL, ITC, Mahindra & Mahindra, Sesa Sterlite, Hindustan Unilever and NMDC are down about a percent each.

Reliance Industries is edging down 0.3 percent after signing a long-term agreement with Japan's biggest shipping company Mitsui OSK Lines for transporting liquefied ethane from North America to India.

Maruti Suzuki India shares are little changed. The country's largest car maker said it expects record domestic sales in 2014.

Reliance Capital shares are moving up 1.3 percent. The Anil-Ambani led financial company has entered into a long-term strategic alliance with Japan's Sumitomo Mitsui Trust Bank to collaborate on various businesses, including in its proposed banking venture.

Spicejet is rallying 8.5 percent. The Economic times reported that a fund managed by JPMorgan Chase is in advanced talks to team up with the beleaguered carrier's co-founder Ajay Singh for a planned $200 million investment into the cash-strapped airline.

Corporation Bank is climbing 2.3 percent. The lender has fixed January 23 as the record date for a 5-for-1 stock split.

The benchmark indexes Sensex and Nifty swung between gains and losses before closing down more than a percent each on Wednesday, as fears of capital flight and concerns among investors about Modi's ability to pass reforms to revive the economy kept investors on edge amid the expiry of December series derivative contracts.

The stock exchanges were closed on Thursday for the Christmas holiday.