Indian shares flat as Reliance offsets losses in financial stocks

BENGALURU, June 29 (Reuters) - Indian shares were largely unchanged on Tuesday, as losses in financial stocks were countered by gains in heavyweight Reliance Industries, which was on track to snap a five-day losing streak.

By 0356 GMT, the blue-chip NSE Nifty 50 index was down 0.06% at 15,805.10 and the benchmark S&P BSE Sensex fell 0.05% to 52,711.15.

Keeping sentiment in check were industry leaders and economists’ views that India’s new federal guarantees on bank loans to small businesses and tourism sectors, announced by the finance minister on Monday, would not be sufficient to boost economic growth.

In global markets, broader Asian shares edged lower on concerns over new coronavirus outbreaks in the region, with MSCI’s broadest index of Asia-Pacific shares outside Japan slipping 0.11%.

In Mumbai trading, the Nifty Bank index fell 0.56%. HDFC Life Insurance Co lost 1.44% and was among the top percentage losers on the Nifty 50. Media reports said the company’s promoter Standard Life is selling a 3.46% stake in the insurer at a discount to HDFC Life’s Monday closing price.

Conglomerate Reliance Industries provided support to the market, gaining 0.57%.

Reporting by Anuron Kumar Mitra in Bengaluru; editing by Uttaresh.V