India’s benchmark equity index closed little changed after fluctuating intraday on low trading volume. An advance in software exporters countered a decline in telecom stocks.
The S&P BSE Sensex rose less than 0.1% at the close in Mumbai after swinging between gains of as much as 0.3% and losses of the same magnitude. 
Thirteen of the 19 sectoral sub-indexes compiled by BSE Ltd closed in the green. Infosys Ltd and Sun Pharmaceutical Industries Ltd were the top Sensex performers while Dr Reddy’s Laboratories slipped the most.
US markets are closed for the Thanksgiving holiday. Equity-trading volumes were down in Hong Kong and Australia. Japan markets are also closed for a public holiday.
The average trading volume on NSE Nifty 50 Index was down by more than a quarter. The latest Federal Reserve meeting minutes highlighted a dovish tilt, with several policy makers expressing concerned about soft inflation even as many still saw a “near term” rate increase as warranted.
“A split opinion in the US Fed, whether to raise rates soon or defer it, has placed doubts on global recovery,” Amar Ambani, head of research at IIFL Holdings Ltd said. “Domestically, the elections in Gujarat next month are likely to steer the course of market and this government.”
Investors are keeping an eye on the outcome of elections in Gujarat, Prime Minister Narendra Modi’s home state. A victory for his Bharatiya Janata Party in the polls that begin on December 9 will reaffirm the government’s economic reforms. 
On the currency front, the rupee strengthened by 33 paise to 64.58-59 against the US dollar from its previous close at 64.91-92.
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