Indian Shares Struggle For Direction In Early Trade

(RTTNews) - Indian shares struggled for direction on Wednesday, mirroring weak cues from global markets after new data showed the U.S. jobs market remains sluggish but not quickly deteriorating.

The benchmark BSE Sensex was down 2 points at 84,677, giving up early gains. The broader NSE Nifty index edged up by 4 points to 25,865.

Saregama India declined 1.5 percent after it acquired 9,960 compulsorily convertible preference shares in Bhansali Productions for Rs. 325 crore.

Ola Electric Mobility dropped half a percent after promoter Bhavish Aggarwal divested more than 2.6 crore shares via a bulk transaction.

Vedanta edged up slightly after receiving approval from the National Company Law Tribunal for its demerger plan.

Kaynes Technology climbed 1.1 percent after it entered into two strategic collaborations with global technology majors—Japan's AOI Electronics Co and Mitsui & Co.

Indian Overseas Bank tumbled 3.8 percent on news the government will divest up to 3 percent stake in the public sector lender through an offer for sale.

Akzo Nobel India plunged 13 percent on reports that Imperial Chemical Industries will offload a 9 stake in the company through a block transaction.

BPCL, HPCL and IOC were up around 1 percent each after the price of crude oil plummeted to its lowest levels since early 2021 overnight on supply glut concerns and increased optimism surrounding a potential Russia-Ukraine peace deal.