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Indian shares snap 4-day rally on profit-taking; Infosys gains
June 11, 2014 / 11:02 AM / 3 years ago

Indian shares snap 4-day rally on profit-taking; Infosys gains

* BSE index falls 0.43 pct; NSE index down 0.39 pct

* Infrastructure, capital goods stocks fall

* Technicals, pharmaceutical shares gain

By Indulal PM

MUMBAI, June 11 (Reuters) - Indian shares snapped a four-day winning streak after hitting all-time highs for the fourth session on Wednesday as investors booked profits in recent outperformers such as infrastructure and capital goods stocks.

Mixed cues from regional markets also weighed on sentiment, while gains in some of the underperformers such as Infosys Ltd capped the losses.

However, overseas investors, who were supporting the 21 percent gain in the NSE index so far this year, continued to buy shares worth $115.20 million on Tuesday, provisional exchange data showed.

“There was some profit-booking and it was expected. In the near-term, I think the market would trade range-bound with a positive bias,” said Suresh Parmar, head of institutional equities at KJMC Capital Markets.

“There could be stock-specific movements like that we saw in Infosys today. However, the undercurrent is still firm,” he added.

The benchmark BSE index ended 0.43 percent lower at 25,473.89. Earlier, it gained as much as 0.59 percent to a record high of 25,735.87, surpassing the previous high of 25,711.11 hit on Tuesday.

The broader NSE index closed 0.39 percent lower at 7,626.85. It rose as much as 0.57 percent to an all-time high of 7,700.05, surpassing its previous peak of 7,683.20.

Shares in Coal India Ltd ended 3.83 percent lower after gaining 13.4 percent so far this month till Tuesday, while Hindalco Industries Ltd closed 4.2 percent lower after gaining 14.7 percent during the same period.

Shares in Bharat Heavy Electricals Ltd ended 3.4 percent lower after gaining 41.8 percent since May. 1 till Tuesday.

Power producers also lost some ground. Tata Power Co Ltd closed 4.9 percent lower, while NTPC Ltd ended down 3.3 percent.

Real estate stocks continued to fall, with the property sub index of the BSE declining 4.2 percent. Shares of DLF Ltd fell 5.3 percent, while Unitech Ltd declined 7.2 percent.

Shares in India’s L&T Finance Holdings Ltd slumped 5.01 percent after the company set a floor price at a discount of 9.7 percent to its Tuesday’s close.

However, stocks such as technology and healthcare continue to gain.

Shares in Infosys Ltd gained 3.8 percent in value-buying. The stock has fallen 6.03 percent after the announcement of the general election results on May 16, as against a 7.5 percent rally in the NSE index.

The IT sub index of the BSE gained 2.23 percent. Tata Consultancy Services closed 2.3 percent higher, while Wipro Ltd closed up 0.5 percent.

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FACTORS TO WATCH * Euro weakens, sold in favour of higher-yielding currencies * Oil hits $110 per barrel on Iraq supply disruption fears * Stocks slip from peaks, euro dips * Foreign institutional investor flows * For closing rates of Indian ADRs

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Editing by Anand Basu

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