Oct 16 (Reuters) - Indian shares moved in a narrow range on Wednesday in the absence of fresh triggers, with investors weighing up some disappointing results from marquee companies and the exodus of foreign funds against the drop in crude oil prices.
The Nifty 50 index edged down 0.01% at 25,050.2 points as of 10:37 a.m. IST, trading in a 100-point range. The S&P BSE Sensex inched 0.05% lower to 81,781.
The more domestically-focussed small-caps and mid-caps were flat.
"Uncertainties in the Middle East and locally, rich valuations, continued foreign outflows and tepid September quarter earnings expectations are contributing to keep investors in wait-and-watch mode," said S Krishnakumar, director at Lion Hill Capital.
Heavyweight Reliance Industries' disappointing results weighed on the Nifty and Sensex on Tuesday, but the broader markets were lifted by weak global crude prices, which is a positive for net oil importers like India.
The oil-focussed Reliance conglomerate rebounded 0.1% on the day, while oil marketing firm BPCL rose 0.6%, extending gains to a fourth session as crude prices slid further overnight on demand concerns, before stabilising.
On the flip side, automaker Mahindra & Mahindra was the biggest drag, sliding 2.3%. Consumer major Nestle India declined 1.6%, while IT major TCS fell 1%.
Nestle India, as well as TCS's peers Infosys, Wipro and Axis Bank are among the Nifty components scheduled to report results this week.
Foreign investors have pulled out $7.9 billion from the market so far in October, the highest since March 2020, with their focus shifting to China following Beijing's stimulus measures.
Among other stocks, Cochin Shipyard slumped 4% after it said Indian government will sell up to 5% stake at a discount.
Meanwhile, Hyundai Motor India's record $3.3 billion IPO was subscribed 21% at the start of the second day of its share sale. ($1 = 84.0510 Indian rupees)
Reporting by Hritam Mukherjee in Bengaluru; Editing by Eileen Soreng and Savio D'Souza
Source: Reuters