Indian shares drop as financials' rally ends

Persistent Systems

21/06/2024 09:07

** Indian benchmarks NSE Nifty 50  .NSEI  and S&P BSE Sensex
 .BSESN  down about 0.4% each
    ** Both set to close flat for the week, after two straight
weekly gains, rising 4.15%      
    ** Nifty's narrow range indicates indecisiveness between
bulls and bears near record highs, says Shrikant Chouhan, head
of equity research at Kotak Securities
    ** Decline on the day because of profit booking in most
sectors due to high valuations, say analysts, but call it
'normal' near record highs
    ** Ten of 13 major sectors log losses 
    ** Financials  .NIFTYFIN  and private banks  .NIFPVTBNK 
down 1% each, set to snap recent rallies
    ** Financials and private banks are up 2% and 3.5% for the
week, most among sectors
    ** IT stocks  .NIFTYIT  up 0.7% after U.S. peer Accenture's
 ACN.N  upbeat annual revenue growth forecast

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