* NSE flat, BSE up 0.2 pct
* Healthcare stocks drag
* Rcom hits record low
By Krishna V Kurup
May 29 Indian shares eased after hitting record
highs early on Monday as a string of weak quarterly results,
including from Sun Pharmaceutical Industries Ltd and
Reliance Communications Ltd, hit sentiment.
The broader NSE index was 0.1 percent higher at
9,608.20 as of 0657 GMT after touching a record high of 9,622.30
earlier in the session.
The benchmark BSE index inched up 0.2 percent at
31,104.93 after hitting an all-time high of 31,155.40.
"The market is consolidating after the rally. Some amount of
sector rotation needs to happen," said Amar Ambani, head of
research at IIFL Wealth & Asset Management.
Healthcare stocks were the biggest drag on the index,
after shares of Sun Pharmaceutical Industries Ltd fell as much
as 13.2 percent to a near four-year low after the company on
Friday reported a 14 percent fall in March-quarter profit.
The company said its U.S. sales may fall this year on lower
Aurobindo Pharma Ltd lost as much as 5.5 percent
while Lupin Ltd was down as much as 2.9 percent.
Meanwhile, mobile carrier Reliance Communications slumped as
much as 23.5 percent to a record low of 19.70 rupees after
posting its second straight quarterly loss over the weekend
because of a price war in the sector.
The company had also delayed repayment of loans to more than
10 banks, according to an Economic Times report. Reliance
declined to comment.
Meanwhile, construction company PSP Projects Ltd
lost as much as 9.5 percent on a weak debut.
Software services provider Tech Mahindra Ltd hit
over 3-1/2 year low after posting a 33 percent fall in
consolidated profit for the March-quarter, missing analysts'
Power equipment maker CG Power and Industrial Solutions Ltd
posted its biggest intraday percent loss in nearly
seven months as its March-quarter net loss widened to 4.44
(Reporting by Krishna V Kurup in Bengaluru, Additional
reporting by Samantha Kareen Nair; Editing by Vyas Mohan)