Staff of Reuters Read for 2 minutes Reuters, BENGALURU, July 2 – On Friday, advances in Hero MotoCorp and Reliance Industries were countered by losses in heavyweight information technology sectors, leaving Indian equities flat. The blue-chip NSE Nifty 50 index was down 0.02 percent at 15,676.25 by 0400 GMT, while the benchmark S&P BSE Sensex was down 0.04 percent at 52,299.41. While reducing COVID-19 instances, relaxing of restrictions, and an increase in vaccines have helped the indices reach new highs recently, they’ve suffered this week due to a lack of new domestic triggers, and are on track to lose more than 1% this week. Hero MotoCorp, India’s largest motorcycle manufacturer, rose as much as 1.6 percent after reporting stronger June sales. Reliance Industries, a conglomerate, surged 0.7 percent, continuing its rebound after a five-day losing skid. The Nifty IT index dropped 0.5 percent, putting it on track for a second straight day of losses. The Nifty Bank index increased by 0.1%. In its Financial Stability Report released on Thursday, the Reserve Bank of India stated that the pandemic’s impact on bank balance sheets has not been as bad as previously anticipated. (Bengaluru-based reporter Anuron Kumar Mitra contributed to this report; Uttaresh.V edited it.)/n
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