Indian shares slip from record highs as IT firms drag ahead of earnings

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BENGALURU, Oct 12 (Businesshala) – Indian stocks tumbled on Tuesday after hitting record highs in the previous session, as IT stocks tumbled ahead of quarterly results, while weak global cues on inflation concerns and a lack of energy blew up. also weakened the notion.

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The NSE Nifty 50 index was down 0.15% at 17,921.10, while the S&P BSE Sensex was down 0.17% at 60,033.69 GMT at 0515. Both the indices had touched record highs in the previous session.

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Flush with liquidity and aided by factors such as COVID-19 vaccination and easing of restrictions, Indian markets have outperformed their Asian peers this year.

“While there is money, there is some caution as global markets are a bit volatile… so investors are waiting to see how the earnings will pan out,” said Deepak Jasani, head of retail research at HDFC Securities in Mumbai.

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The Nifty IT index fell 1.5%, compared with a 1.2% fall in sector heavyweight Infosys, a day ahead of the quarterly results. HCL Technologies, on Thursday, was down 4.4% due to reported results.

Tata Consultancy Services, which kicked off IT earnings last week, fell 1%. Analysts have indicated a win in the deal and easing of margin pressure in future quarters.

Lender ICICI Bank slipped 1.1% and was the top laggard on the Nifty private bank index, falling 0.5%.

Nifty Auto stock, however, rose 1.3% to its highest level since May 2018, as Tata Motors extended gains to add 4.8% for the fourth straight session. The Jaguar Land Rover maker said on Monday that global wholesale sales in the second quarter were up 24% compared to a year ago.

Jewelery maker Titan Company rose 3.2% and was one of the top gainers, riding on expectations of better business during the upcoming festive season, when Indians shop for big tickets.

Investors also await retail inflation data later in the day, with a Businesshala poll of analysts expecting inflation to moderate again in September. (Reporting by Chandini Monappa in Bengaluru; Editing by Ramakrishnan M)

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