BENGALURU, Oct 18 (Reuters) - Indian shares were flat on Wednesday, as a slide in financials after Bajaj Finance missed profit estimates offset gains in metals on strong economic data from China and as the intensifying Middle East conflict and U.S. rate concerns dragged sentiment.
The NSE Nifty 50 index was up 0.02% at 19,815 as of 10:00 a.m. IST, and the S&P BSE Sensex fell 0.07% to 66,388.76.
High weightage financials lost 0.52%. Bajaj Finance shed as much as 2.13% and was the top Nifty 50 loser.
The non-bank lender posted a smaller-than-expected rise in September quarter profit post market hours on Tuesday, as provisions for bad loans increased.
Metals jumped nearly 1% after data showed China's economy grew at a faster-than-expected rate in July-September, easing concerns over recovery in the top metals consumer.
Hindalco, Tata Steel, JSW Steel were among the top Nifty 50 gainers.
The more domestically focussed small- and mid-caps extended their outperformance over the blue-chips, rising 0.5% and 0.2%, respectively, aided by strong retail inflows.
"Rise in U.S. bond yields (and the) spike in crude prices have hurt sentiment," said Gaurav Dua, head of capital market strategy at Sharekhan by BNP Paribas.
"However, it must be noted that domestic markets have been able to absorb weak global news flow," he said, urging investors to utilise the slide to buy financials, real estate and select consumer stocks.
Asian stocks fell after a blast at a Gaza hospital dealt a blow to hopes of containing the Israel-Hamas military conflict. A surge in U.S. Treasury yields after strong retail sales data reignited rate concerns and dragged sentiment.
Worries about supply disruptions from the Middle East lifted oil prices to nearly $92 per barrel. Rising oil prices are a negative for importers of crude like India.
(Reporting by Bharath Rajeswaran in Bengaluru; editing by Eileen Soreng and Janane Venkatraman)
