BENGALURU, Sept 22 (Reuters) - Indian shares ended flat on
Wednesday as major private bank stocks slipped and offset sharp
gains in Coal India, while media firms soared on news
of Zee Entertainment merging with a rival.
The blue-chip NSE Nifty 50 index closed 0.09% lower
at 17,546.65, while the S&P BSE Sensex fell 0.13% to
Investors also awaited the results of a two-day U.S. Federal
Reserve meeting later in the day, where the central bank is
expected to give cues on a possible tapering of its bond buying
An indication of tapering would likely impact the market and
"suck out some liquidity", said K.K. Mittal, an investment
advisor with Venus India.
Private banks fell 0.7%, erasing gains from the
previous session, with Housing Development Finance Corp
shedding more than 1% to be among the biggest losers
on the Nifty 50.
Media stocks posted their best day ever as Zee
Entertainment surged 39% on its board approval for a
merger with Sony Group Corp's Indian unit, a week after
the Indian media giant's top shareholders had asked for a
Real estate stocks jumped 8.5%, with Godrej
Properties adding 13.2% to lead the charge in the
Analysts have said signs of improving sales on easing
COVID-19 restrictions is helping sentiment, with a rise in large
asset purchases expected during the upcoming festive season.
Auto stocks ended 1.3% higher, as analysts
pointed to similar factors aiding gains in the sector.
Consumer stocks fell, with Nestle India
dropping nearly 1.5% to be the top loser on the Nifty
50. On Tuesday, the company's chairman told https://economictimes.indiatimes.com/industry/cons-products/fmcg/unsure-if-demand-will-stay-inflation-a-concern-for-2022-nestle-india-chairman-suresh-narayanan/articleshow/86386070.cms
local media there were no sure signs that sustained consumption
is here to stay.
(Reporting by Soumyajit Saha in Bengaluru; Editing by