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Sensex, Nifty Give Up Opening Gains

Indian shares struggled for direction on Friday despite positive global cues.

The benchmark 30-share BSE Sensex was little changed at 52,838, giving up early gains. The broader NSE Nifty index was down 14 points, or 0.1 percent, at 15,810.

Tata Consumer Products, Tata Steel, UltraTech Cement, HCL Technologies and SBI Life were up 1-2 percent. On the flip side, Tata Motors and Larsen & Toubro fell around 2 percent each.

Market heavyweight Reliance Industries edged down slightly ahead of its quarterly results later in the day.

JSW Steel, SBI Card and YES Bank were seeing modest gains before unveiling their quarterly earnings.

Bank of Maharashtra gained about 1 percent as it reported a 106 per cent on-year rise in quarterly net profit.

Vodafone Idea rose over 1 percent after it received permission from Department of Telecommunications to raise Rs. 15,000 crore through foreign direct investment.

Biocon fell 1.5 percent and ICICI Lombard General Insurance tumbled 2.8 percent after posting disappointing quarterly results.

Mphasis soared 10 percent as it reported a 23.4 percent year-on-year increase in consolidated net profit for the June quarter.

Persistent Systems surged 4 percent on reporting a 68 percent jump in quarterly profit.

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