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Indian shares erase gains on fears over oil prices, dollar; inflation data eyed

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BENGALURU, July 12 (Reuters) – Indian shares erased early gains to close little changed on Monday as concerns over higher oil prices and a strong dollar weighed on the market ahead of monthly inflation data.

The blue-chip NSE Nifty 50 index (.NSEI) closed up 0.02% at 15,692.60 and the benchmark S&P BSE Sensex (.BSESN) ended 0.03% lower at 52,372.69.

The Nifty IT (.NIFTYIT) index lost 0.45%, falling for a second straight session, as software heavyweight Infosys (INFY.NS) closed 1% lower before its quarterly earnings on Wednesday.

“Market is waiting for one big reason to go upside … it is filled with fear of correction as monsoons have been delayed, crude oil prices are at highest levels and the dollar is getting stronger,” said Rahul Sharma, market strategist and head of research at Equity99 in Mumbai.

“Overvalued stocks are witnessing profit booking and the same money is getting shifted to undervalued stocks,” Sharma added.

Financial stocks received a…

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