By Tanvi Mehta
(Reuters) - Indian shares were little changed on Monday, with gains in financial stocks outweighed by the losses in IT, as investors stayed away from big bets amid caution ahead of key macro events later in the week.
Asian stocks and U.S. equity futures posted modest gains on Monday on hopes of solid U.S. holiday sales, though plunging oil prices fanned worries about a dimming outlook for the global economy.
Oil prices steadied after plunging nearly 8 percent in the previous session, but were under pressure with Brent crude below $60 per barrel amid weak fundamentals and struggling financial markets.
"Things are improving on the macro front, but pressure on liquidity persists... Inflation will be in the lower trajectory due to falling oil prices and that is positive for both financial and consumer sectors," said Anita Gandhi, whole-time director, Arihant Capital Markets.
There was also some cautiousness ahead of the release of the gross domestic product data for the September quarter and expiry of futures and options contract later this week.
More From This Section
The broader NSE Nifty was down 0.01 percent at 10,525.90 as of 0533 GMT, with Yes Bank Ltd's stock as the top percentage loser.
The benchmark BSE Sensex was 0.06 percent higher at 35,002.67.
Private sector lenders such as HDFC Bank and Axis Bank Ltd were among the top boost to the index.
Fast moving consumer goods giants ITC Ltd and Hindustan Unilever Ltd were among the other contributors, with shares up nearly 1 percent each.
IT stocks dragged the markets down, with the Nifty IT index down 1.4 percent. Shares of Tech Mahindra Ltd and Infosys Ltd fell around two percent each.
The aviation sector also witnessed some cheer after oil prices fell, with stocks of InterGlobe Aviation Ltd and SpiceJet Ltd up around two percent each, while those of Jet Airways Ltd gained as much as 3.4 percent.
Indian markets were shut on Friday for a public holiday.
(Reporting by Tanvi Mehta in Bengaluru; Editing by Rashmi Aich)