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Indian shares fall; TCS drags
July 14, 2017 / 6:39 AM / 5 months ago

Indian shares fall; TCS drags

* NSE, BSE indexes hit record highs

* Tata Consultancy Services down 2 pct after results

* Infosys Ltd up as much as 3 pct

By Jessica Kuruthukulangara

July 14 - India’s NSE index fell on Friday after briefly trading above 9,900 for the first time as investors booked profits following a four-day winning streak, while Tata Consultancy Services Ltd fell on disappointing earnings.

The benchmark BSE index also retreated, falling below the 32,000 mark it breached for the first time on Thursday. But both indexes were up around 2 percent each for the week, their biggest weekly gains since mid-March.

Top Indian software services exporter TCS fell as much as 2.9 percent after the company on Thursday reported a 6 percent fall in consolidated quarterly net profit, missing estimates as a stronger rupee hit revenue.

Investors booked profits in financial stocks such as ICICI Bank Ltd, down as much as 1.1 percent after two straight sessions of gains. Yes Bank Ltd slid as much as 1.4 percent after gaining for five consecutive sessions.

“At higher levels, you will find some kind of profit-booking. Broadly, the undertone is positive,” said Siddharth Sedani, head and vice president, equity advisory at Anand Rathi.

The broader NSE index was down 0.24 percent at 9,867.90 as of 0624 GMT, after earlier hitting an all-time high of 9,913.3.

The benchmark BSE index was 0.17 percent lower at 31,981.91 after earlier touching a record high of 32,109.75.

Infosys Ltd rose as much as 3 percent after the IT firm reported quarterly profit above expectations.

Biocon Ltd surged as much as 10 percent after the U.S. FDA’s Oncologic Drugs Advisory Committee of experts unanimously recommended approval of breast cancer treatment Trastuzumab, developed by Mylan NV and Biocon. (;Editing by Vyas Mohan)

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