Indian shares take a breather after record gains; TCS falls – Ang Kwan




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A trader looks at his system at a brokerage in Mumbai, India. Reuters

Indian shares edged lower on Friday after a record rally in the last few sessions, dragged down by country’s biggest software exporter Tata Consultancy Services (TCS) following a profit miss.

At 0700 GMT, S&P BSE Sensex fell 0.11 percent to 32,003 while the broader NSE Nifty lost 0.20 percent to 9,871.

Asian shares rallied for a fifth session, with MSCI’s broadest index of Asia-Pacific shares outside Japan advancing 0.2 percent to its highest level in two years.

Sentiment, back home, was a little somber after mixed set of earnings.

TCS on Thursday announced a bigger-than-expected 6 percent fall in net income while second biggest software exporter Infosys raised its annual revenue outlook after eking out a 1 percent rise in quarterly net income.

TCS was the top loser on Sensex, down about 3 percent while Infosys gained 2.6 percent.

Among the other losers: Coal India, ITC, Wipro and Tata Motors fell between 1 percent to 2 percent.

Gainers included GVK Power & Infrastructure, which rose 2.7 percent after a completion of a deal to sell its remaining stake in Bangalore International Airport.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.



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