Indian equities slip from record highs on profit booking

The key Indian equity indices fell from their record highs and traded with marginal losses during the mid-afternoon session on Friday as investors booked profits.

According to market observers, gains were capped due to heavy selling pressure in index heavyweights such as Tata Consultancy Services (TCS) and ITC.

At 1.00 p.m., the wider Nifty of the National Stock Exchange (NSE) slipped by 15.75 points or 0.16 per cent to 9,875.95 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,099.93 points, traded at 32,002.44 points -- down 34.94 points or 0.11 per cent, from its previous close at 32,037.38 points.

The Sensex has so far touched a high of 32,109.75 points and a low of 31,897.87 points during intra-day trade.

The BSE market breadth was bearish with 1,595 declines and 922 advances.

"The BSE Sensex opened higher before it fell immediately. The Indian rupee traded little against the US dollar. Stocks in Asia extended their best week since March as investors awaited US inflation data and earnings from some of the biggest banks," said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

"The shares of Infosys and Sun Pharma rose whereas those of ITC and TCS fell. TCS fell 2.1 per cent to Rs 2,392 after it reported disappointed earnings. Infosys rose 3 per cent after the company reported better than expected earnings," he added.

On Thursday, the benchmark indices scaled new highs on the back of positive global cues and hopes of an easing of the monetary policy.

The Sensex closed at 32,037.38 points -- up 232.56 points, or 0.73 per cent, the NSE Nifty set a new high to settle at 9,891.70 points -- up by 75.60 points, or 0.77 per cent.

--IANS

ppg/mr