Indian shares ease from record highs; Reliance Comm hits life low

  • Reuters
  • Stock Market News
Indian shares ease from record highs; Reliance Comm hits life low
Credit: © Reuters.

* NSE flat, BSE up 0.2 pct

* Healthcare stocks drag

* Rcom hits record low

By Krishna V Kurup

May 29 (Reuters) - Indian shares eased after hitting record highs early on Monday as a string of weak quarterly results, including from Sun Pharmaceutical Industries Ltd SUN.NS and Reliance Communications Ltd RLCM.NS , hit sentiment.

The broader NSE index .NSEI was 0.1 percent higher at 9,608.20 as of 0657 GMT after touching a record high of 9,622.30 earlier in the session.

The benchmark BSE index .BSESN inched up 0.2 percent at 31,104.93 after hitting an all-time high of 31,155.40.

"The market is consolidating after the rally. Some amount of sector rotation needs to happen," said Amar Ambani, head of research at IIFL Wealth & Asset Management.

Healthcare stocks were the biggest drag on the index,

after shares of Sun Pharmaceutical Industries Ltd fell as much as 13.2 percent to a near four-year low after the company on Friday reported a 14 percent fall in March-quarter profit. L3N1IV1MA

The company said its U.S. sales may fall this year on lower drug prices.

Aurobindo Pharma Ltd ARBN.NS lost as much as 5.5 percent while Lupin Ltd LUPN.NS was down as much as 2.9 percent.

Meanwhile, mobile carrier Reliance Communications slumped as much as 23.5 percent to a record low of 19.70 rupees after posting its second straight quarterly loss over the weekend because of a price war in the sector. company had also delayed repayment of loans to more than 10 banks, according to an Economic Times report. Reliance declined to comment.

Meanwhile, construction company PSP Projects Ltd PSPP.NS lost as much as 9.5 percent on a weak debut. services provider Tech Mahindra Ltd TEML.NS hit over 3-1/2 year low after posting a 33 percent fall in consolidated profit for the March-quarter, missing analysts' estimate. equipment maker CG Power and Industrial Solutions Ltd CGPO.NS posted its biggest intraday percent loss in nearly seven months as its March-quarter net loss widened to 4.44 billion rupees.

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