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Indian shares ease from record highs; financials drag

Stock MarketsAug 10, 2018 12:20
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Indian shares ease from record highs; financials drag

* NSE index down 0.37 pct , BSE index down 0.27 pct

* SBI among top pct losers on NSE index

* Nifty Bank Index down

By Abinaya Vijayaraghavan

Aug 10 (Reuters) - Indian shares fell on Friday, after touching record highs for four straight sessions, dragged down by financial stocks such as State Bank of India SBI.NS and ICICI Bank Ltd ICBK.NS .

State Bank of India fell as much as 2.7 percent to 308.70 ahead of its first-quarter results due on Friday while ICICI Bank slid as much as 2.3 percent to 325.35 rupees.

The broader Nifty Bank Index .NSEBANK fell as much as 0.48 percent after rising for four out of the last five sessions.

"We have had a really strong rally the last month and now there is profit-taking," said Sunil Sharma, chief investment officer at Sanctum Wealth Management.

The broader NSE index .NSEI was down 0.36 percent at 11428.55 as of 0613 GMT while the benchmark BSE index .BSESN was 0.3 percent lower at 37910.52.

Both the indexes were set to end higher for a third consecutive week, with the NSE index gaining 0.59 percent on week and the BSE Index adding 0.96 percent.

Energy stocks such as Coal India Ltd COAL.NS and Reliance Industries Ltd RELI.NS also weighed on the NSE index.

Oil prices dipped on Friday on worries that an escalating trade dispute between Washington and Beijing will stall economic growth and demand for fuel, even as renewed U.S. sanctions against Iran are expected to tighten supplies. O/R

India's biggest full-service airline, Jet Airways (India) Ltd JET.NS , plunged to a more than three-year low after deferring its financial results for the June quarter. Motors Ltd EICH.NS shares rose as much as 4.3 pct after the company posted an about 25 percent jump in its June-quarter profit on Thursday stock markets fell despite signs of greater government support for firms in China, with global trade tensions clouding the outlook. MKTS/GLOB

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS was down 1 percent. ($1 = 68.9425 Indian rupees)

Indian shares ease from record highs; financials drag
 

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