Indian shares pare gains on profit-booking at record highs

KPIT Technologies

04/04/2024 09:23

** India's Nifty 50  .NSEI  and Sensex  .BSESN  up 0.2% and
0.3%, respectively, easing after hitting record highs at the
open as investors booked profits
    ** Top private lender HDFC Bank  HDBK.NS  jumped 3% after
its quarterly update eased concerns about its liquidity position
    ** The high weightage financials index  .NIFTYFIN  rose 0.8%
    ** Consumer stocks  .NIFTYFMCG  drop 0.2%, dragged by a 2.3%
fall in Dabur  DABU.NS  after the company said demand trends
remained sluggish in the March quarter
     ** Energy stocks  .NIFTYENR  shed 0.5%, led by ONGC's
 ONGC.NS  3% slide, after the govt hiked windfall tax on
petroleum crude for fifth time since Feb
    ** Analysts say profit booking at record high levels will
likely continue ahead of quarterly results season next week
    ** IT stocks  .NIFTYIT  up 0.7% as JP Morgan followed CLSA
in upgrading stocks, but with a preference for mid-cap firms
    ** JPM, late Weds, upgraded LTIMindtree  LTIM.NS , KPIT Tech
 KPIE.NS  and Persistent Systems  PERS.NS ; stocks up 0.3%-2%

 (Reporting by Kashish Tandon in Bengaluru)
 ((kashish.tandon@thomsonreuters.com))