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Indian shares paused on Tuesday from a dizzying climb that took them to a new all-time high as investors sold software and consumer stocks that had rallied in recent sessions.
The rupee held steady, while federal bonds retreated as debt investors opted for caution ahead of next week's monetary policy review, when a slim majority of analysts polled expect the central bank to raise short-term interest rates.
The 30-issue BSE index touched an all-time high of 7,385.69 points in early trade, before closing at 7,346.63, little changed from Monday's record closing high of 7,347.10.
The index has risen more than 13 percent since the start of the financial year in April, helped by a $1.8 billion net infusion of foreign funds in that period.
"People have suddenly become cautious and there is a feeling the index has risen a bit too fast. Investors are booking profits at higher levels," said Bharat Shah, director at Vikram Kenia Securities Pvt Ltd.
"Though there are no negatives for the market, it might correct a bit before moving up further."
The main drags on the BSE index were cigarette and consumer goods maker ITC Ltd and technology stocks led by the country's two largest software exporters, Infosys Technologies Ltd and Tata Consultancy Services Ltd.
ITC shares eased 2.4 percent, while India's second-largest software services exporter Infosys and sector leader TCS, which had run up sharp gains in the previous session, shed 0.6 percent and 0.3 percent respectively.
The yield on the popular eight-year 7.27 percent bond rose nearly 5 basis points to 7.0860 percent.

Copyright Reuters, 2005

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