Indian shares muted ahead of derivatives expiry; banks fall

FILE PHOTO: The Bombay Stock Exchange (BSE) building is pictured next to a police van in Mumbai, India, August 24, 2015. REUTERS/Danish Siddiqui

BENGALURU (Reuters) – Indian shares were little changed on Thursday as banking stocks that fell ahead of the expiry of monthly derivatives contracts were countered by a jump of more than 1% in heavyweight Reliance Industries.

By 0348 GMT, the blue-chip NSE Nifty 50 index was 0.07% lower at 16,622.25 and the benchmark S&P BSE Sensex slipped 0.11% to 55,886.4.

The Nifty Bank index declined 0.5%, while conglomerate Reliance advanced as much as 1.1%.

Asian shares paused, while the U.S. S&P 500 closed at its 51st record high of the year, as investors focus on U.S. Fed Chair Jerome Powell’s speech on Friday about tapering the central bank’s bond-buying program.[MKTS/GLOB]

Meanwhile, a Reuters poll of analysts found Indian economic growth likely touched a record high in the quarter through June, reflecting a very weak base last year and a rebound in consumer spending. India’s GDP data set is due to be released on Aug. 31.

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