Indian shares drop as investors sell on profit; Infosys gains
Updates at 10:35 a.m. IST
By Manvi Pant and Bharath Rajeswaran
BENGALURU, July 19 (Reuters) -Indian shares reversed gains after rising to record highs at the open on Friday as broad-based profit booking outweighed results-driven gainsin heavyweight InfosysINFY.NS.
The NSE Nifty 50 .NSEI and the S&P BSE Sensex .BSESN rose about 0.3% each to hit record high levels at the open, before turning about 0.35% lower as of 10:35 a.m.IST.
Eleven of the 13 major sectors logged losses. The broader, more domestically focussed small- .NIFSMCP100 and mid-caps .NIFMDCP100 fell about 1.5%each.
"At record high levels, bouts of ... profit booking are likely, especially ahead of the national budget," said Siddhartha Khemka, vice president, head of research (retail) at Motilal Oswal Financial Services.
Other analystsexpect the government to announce measures to boost consumption, while maintaining its adherence to fiscal prudence, helped by record high dividend from the Reserve Bank of India and tax buoyancy.
IT stocks .NIFTYIT gained .NIFTYIT 0.7%, led by a 3% rise in Infosys.
India's second-largest IT services firm on Thursday raised its fiscal year 2025 revenue growth outlook to 3%-4% from 1%-3%, helped by demand recovery.
IT firm Persistent Systems PERS.NS lost 5% after reporting operating profit margins below analysts' estimates.
Oil-to-telecom conglomerate Reliance Industries RELI.NS, the second heaviest stock in the Nifty 50 index dropped 1% ahead of reporting its quarterly results, post closing bell on Friday.
Drug maker Zydus Lifesciences ZYDU.NS lost 3% after the U.S. drug regulator said it foundobjectionable conditions at its Gujarat facility, indicating regulatory sanctions.
Reporting by Manvi Pant and Bharath Rajeshwaran in Bengaluru; Editing by Varun H K, Sohini Goswami and Nivedita Bhattacharjee
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