BENGALURU, Sept 30 (Reuters) – Indian shares opened flat on Thursday as auto stocks negated gains in public sector banks, with lingering concerns about global economic recovery also weighing on market sentiment.
Indian equities were set to mark their fifth straight monthly gain as accommodative monetary policy and easing COVID-19 restrictions lifted investor sentiment.
Public sector banks (.NIFTYPSU) advanced 0.6%, driven by a 16% jump in Indian Overseas Bank (IOBK.NS) after the country’s central bank took it out of the prompt corrective action framework over an improvement in its financial profile.
Shares in broader Asia were steady following multiple sessions of losses even as risks from China’s worsening power crunch and a possible default by China Evergrande (3333.HK) loomed.
Reporting by Soumyajit Saha in Bengaluru; Editing by Subhranshu Sahu
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