December 23, 2019 / 4:31 AM / a month ago

Indian shares flat, Nifty hovers near record high as metals gain

BENGALURU, Dec 23 (Reuters) - Indian shares were largely unchanged in early trade on Monday, with the broader NSE Nifty 50 index hovering near its all-time high, while metals and mining stocks led gains.

Indian stock indexes hit record intraday highs on Friday driven by gains in state-run banks and amid optimism that the United States and China would soon sign a trade deal.

On Monday, the Nifty was up 0.02% at 12,273.65 around 0425 GMT, while the benchmark S&P BSE Sensex was lower by 0.04% at 41,666.38.

“On (the) domestic front, market (is) likely to stay rangebound while FIIs flows, trade deal and domestic reforms (are) likely to set the momentum going ahead,” analysts at Motilal Oswal Financial Services Ltd wrote in a report.

The Nifty metal index climbed 0.77%. Shares in Vedanta Ltd rose 1.9%, while JSW Steel Ltd gained 2% and Tata Steel Ltd added 1%.

GAIL's stock fell 0.6% after the Economic Times newspaper reported here that India's department of telecommunications was seeking 1.72 trillion rupees ($24 billion) in past statutory dues from the state-run gas utility.

Shares in oil-to-telecoms conglomerate Reliance Industries Ltd fell 2%.

A court has asked the company and British Gas to disclose their assets after India’s government sought to restrain them from disposing assets, including Reliance’s planned sale of a 20% stake in its refining and petrochemicals business to Saudi Aramco, according to media reports. ($1 = 71.1600 Indian rupees) (Reporting by Sachin Ravikumar; Editing by Rashmi Aich)

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