Indian stocks were little changed, with gains in power companies offsetting declines in banks and technology companies, as IndusInd Bank Ltd missed earnings estimates.
The S&P BSE Sensex rose less than 0.1% to close at 29,336.57 in Mumbai, with State Bank of India the biggest loser in terms of index points. Power Grid Corp of India was the top gainer on that metric. 
The S&P BSE India Power Index rose 2%, leading gains among the 13 sector gauges.
Share prices in India have slipped in the last week after data showed that inflation rose less than expected in March and industrial production fell in February. The country’s equity market is worth about $1.91tn, down from a record $1.93tn on April 12, when the economic data were released.
“The fundamental macro picture of weak factory output, low credit growth and fuel consumption isn’t very conducive for the markets,” Chokkalingam G, managing director and founder of Mumbai-based Equinomics Research & Advisory, said by phone. “We see a dichotomy going forward. While large index stocks will take the lead, small and midcap companies will correct on highly stretched valuations.”
Private sector lender IndusInd Bank reported a net income of Rs7.52bn compared to an estimate of Rs7.91bn. The bank also saw its provisions during the January-March period double to Rs4.3bn.
Investors were also considering the impact of a stronger rupee, which weighed on earnings at TCS. 
The software services provider after the market hours on Tuesday posted fourth-quarter net income of Rs66.1bn, compared with the Rs66.5bn average estimate from analysts. TCS and rivals such as Infosys Ltd are also preparing to deal with US President Donald Trump’s crackdown on the H-1B visas they depend on to send workers to their largest market.
The S&P BSE Bankex was the biggest decliner among the 13 sector gauges compiled by the Mumbai Stock Exchange, falling 0.5% while the gauge of software exporters fell 0.3%. 
Meanwhile the rupee yesterday closed marginally higher against the US dollar after India Meteorological Department (IMD) predicted normal monsoon this year.
The rupee closed at 64.58 a dollar, up 0.08% from its Tuesday’s close of 64.63. 
The rupee opened at 64.61 a dollar. Year-to-date, it gained 5.3%.
The 10-year bond yield closed at 6.856% compared to its previous close of 6.864%. Bond yields and prices move in opposite directions.
Foreign institutional investors (FIIs) were net sellers for the sixth consecutive session and sold nearly $368.56 million in the local equity markets so far this year. 
They bought $6.56 billion and $6.99 billion from local equity and debt markets, respectively, in the same period.
Asian currencies were trading lower. Singapore dollar was down 0.11%, Singapore dollar 0.09%, China offshore spot 0.09%, Philippines peso 0.07%, Taiwan dollar 0.07% and South Korean won fell 0.06%. However, Thai baht was up 0.09% and Malaysian ringgit 0.08%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 99.60, up 0.10% from its previous close of 99.50.