REUTERS - Indian shares were flat in subdued trade on Thursday as better-than-expected Chinese trade data boosted shares such as Tata Steel while software exporter Tata Consultancy Services slumped to a six-month low after it said U.S. financial sector clients were holding back on discretionary spending.
Asian shares held within one-year peaks on Thursday as Chinese trade data topped forecasts and imports recorded their first annual rise since late 2014.
However, trading back home was choppy after shares hit an 18-month high on Wednesday as foreign institutional investors net bought shares worth $6.30 billion so far in the calendar year.
"Markets have moved up significantly in recent days, so a bit of consolidation is happening at current levels. But I don't expect any huge correction from current levels as liquidity remains supportive", said Sudip Bandyopadhyay, chairman and managing director of Inditrade Capital.
The benchmark BSE index was 0.16 percent higher at 28,972.12 as of 0545 GMT, after falling as much as 0.25 percent earlier in the session.
The broader NSE index was up 0.06 percent at 8,923.48 after shedding as much as 0.23 percent earlier.
Tata Steel and Hindalco Industries rose 4 percent and 1.9 percent, respectively, tracking gains in global metal prices following positive Chinese data. Nifty metal index was trading 1.43 percent higher at 2,630 and is headed for its highest level since Jan 2, 2015.
Oil and Natural Gas Corp Ltd gained 2 percent after country's biggest exploration company on Wednesday reported better-than-expected June-quarter profit.
Yes Bank Ltd fell 2.7 percent after India's fifth biggest private sector lender by assets on Wednesday announced a share sale worth up to $1 bln in a bid to boost its capital base
Software exporter Tata Consultancy Services slumped as much as 6.4 percent and was last down 5.6 percent after the company said its financial sector clients in the United States are holding back on discretionary spending.
Shares of other IT companies also fell, with Infosys and HCL Technologies dropping about 2 percent each.
(Reporting by Aastha Agnihotri in Bengaluru; Editing by Vyas Mohan)
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