Indian shares open lower on profit booking
Updates at 9:26 a.m. IST
BENGALURU, July 18 (Reuters) - Indian shares opened lower on Thursday on profit booking across most sectors, with paints maker Asian Paints ASPN.NS adding to the losses after it missed quarterly earnings expectations.
The NSE Nifty 50 .NSEI was down 0.26% to 24,549.9 while the S&P BSE Sensex .BSESN fell 0.23% to 80,516.4, as of 9:26 a.m. IST.
Twelve of the 13 major sectors logged losses. The broader, more domestically focussed small- .NIFSMCP100 and mid-caps .NIFMDCP100 lost 0.3% and 0.5%, respectively.
"We have seen profit booking across most sectors emerge over the last few sessions, and these bouts are to be expected near record-highlevels," said G Chokkalingam, founder and head of research at Equinomics Research.
The Nifty and S&P BSE Sensex .BSESN have logged record closing highs for the last three sessions. The Nifty has notched record highs in eight of the 13 sessions in July.
"Stock-specific reaction to earnings will guide the markets which will get further triggers from the national budget," Chokkalingam added.
Analysts expect the government to announce measures to boost consumption while continuing its focus on infrastructure, manufacturing, in its budget on July 23.
Paintmaker Asian Paints ASPN.NS lost 3% after it posted earnings below expectations inthe quarter ended June 30, hurt by weak demand and price cuts. It was the top Nifty 50 loser.
Software services firm LTIMindtree LTIM.NS rose 2.6% after the information technology firm reported a bigger-than-expected rise in first-quarter profit on Wednesday, snapping five straight quarters of slowing growth. The stock was the top Nifty 50 gainer. It also led IT index .NIFTYIT 0.3% higher.
($1 = 83.5870 Indian rupees)
Reporting by Manvi Pant and Bharath Rajeswaran in Bengaluru; Editing by Varun H K and Sonia Cheema
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