Oct 14 (Reuters) - Indian shares were little changed in morning trade on Wednesday as a rebound paused, with rising oil prices and sustained foreign outflows weighing on sentiment while investors assess corporate earnings.
The Nifty 50 added 0.07% to 22,738.05, while the BSE Sensex edged 0.13% higher to 73,128.50 as of 09:46 a.m. IST. They swung between 0.2% gains and 0.2% losses in morning trade.
Eight of the 16 major sectors logged losses. The broader small-caps and mid-caps were little changed.
IT index, which gained 5.2% in the previous session, added 1.2% on the day.
Both the Nifty and Sensex climbed about 1.6% on Tuesday, led by information technology stocks after HCLTech's quarterly profit beat expectations.
"Despite the sharp rebound, persistent macroeconomic uncertainties continue to warrant a cautious approach from investors," said Ajit Mishra, senior vice president of research at Religare Broking.
Oil prices rose to about $107 a barrel as traders weighed supply risks from fighting between Yemen's Iran-allied Houthis and Saudi Arabia against the prospect of increased diesel supplies from Russia.
Foreign portfolio investors (FPI) remained net sellers of domestic stocks for the 13th consecutive session on Tuesday, taking the year-to-date outflows to a record $32.52 billion.
"The market has officially entered an 'earnings override' regime, while bias is neutral to rangebound, the undertone is cautious below 23,000 for the Nifty," said Hemang Gor, senior research analyst of derivatives and technical research at Axis Direct.
Among stocks, Tata Elxsi climbed 7.8% after the engineering research and development firm posted higher quarterly profit, supported by growth in its transportation and media segments.
Bharat Coking Coal jumped 6.6% after the company hiked basic prices of certain grades of raw coking coal for the non-regulated sector.
Zydus Lifesciences lost 1.5% after US drug regulator concluded an inspection at the pharmaceutical company's manufacturing plant in Ahmedabad with five observations.
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips and Janane Venkatraman
Source: Reuters