Indian shares fell on Thursday, snapping a three-session winning streak and retreating from three-month highs, as investors took profits in recent outperforming bluechips such as Reliance Industries and Sun Pharmaceutical. India's benchmark index has risen about 9 percent since mid-April, helped by a surge in foreign buying that analysts say is tied to a rally in the global markets as easier monetary policies world-wide spark demand for riskier assets.
However, investors say consumer price index and industrial production data, due on Friday, followed by wholesale inflation data on Monday, will be the next key triggers given continued concerns about the country's economic outlook. "The fall seems to be on profit booking as we gained for so many sessions, but the current mood should take it to new highs in the next few weeks," said Sandip Sabharwal, CEO - PMS at Prabhudas Lilladher.
The benchmark BSE index fell 0.26 percent, or 51.14 points, to end at 19,939.04, after closing at its highest since January 30 on Wednesday. The broader NSE index fell 0.32 percent, or 19.15 points, to end at 6,050.15. Foreign investors have been net buyers for 14 consecutive sessions, bringing their total for the year to $12.54 billion, regulatory data shows.
The markets, however, fell on Thursday as recently outperforming bluechips were hit by profit-taking. Sun Pharmaceutical Industries fell 3.8 percent after gaining 20.3 percent since March end, while Reliance Industries Ltd ended 1.4 percent lower. Housing Development Finance Corporation Ltd also succumbed to profit-taking, ending 0.5 percent lower, after earlier making its all-time high of 900.85 rupees in the session.
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