Indian shares struggle, but they're on track to secure their fifth monthly gain

Indian shares struggle, but they're on track to secure their fifth monthly gain ...

BENGALURU, Sept 30, Indian shares were on course for a fifth straight monthly rise even as markets struggled in shaky range on Thursday, with energy stocks negating gains in public sector banks.

By 0502 GMT, the blue-chip NSE Nifty 50 index (.NSEI) was down 0.13% to 17,688.1, while the benchmark S&P BSE Sensex (.BSESN) went down 0.07 percent at 59,369.68.

According to Siddharth Sedani, senior VP and head of equity sales at Anand Rathi Financial Services, Indian stocks were attempting to stabilize after two straight sessions of corrections.

He added that the market may remain volatile and move in a tight range in the absence of triggers until the corporate earnings season begins.

Indian equities have risen more than 3% so far this month, as accommodative monetary policy and reduced COVID-19 restrictions kept investor sentiment under control.

However, concerns about a global economic recovery, increased expectations of tighter U.S. monetary policy, and risks from tad weak in China and repercussions of dwindling debt-laden China Evergrande (3333.HK) checked the advance of equity at the end of the month.

After the country's central bank went out of the prompt corrective action framework over a decrease in its financial profile, public sector banks (.NIFTYPSU) increased about 3%, driven by octaneously rising Indian Overseas Bank (IOBK.NS) by 16 percent, the nation' s largest bank took it out from the correctives action strategy.

Real estate investments (.NIFTYREAL) rose 1%, with Oberoi Realty (OEBO.NS) gaining 3.6% to lead gains on the sub-index.

Following three consecutive sessions of gains, Energy stocks (.NIFTYENR) dipped 1.1 percent, ranking among the top Nifty 50 losers.

NIFTYMED's Media shares (.NIFEYME) were lower, with takeover target Zee Entertainment (ZEE.NS) dropping 1% a day after its top shareholders approached the country' governing body asking the firm to hold an extraordinary general meeting. read more about neiling of octane'

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