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Profit taking weighs on Indian shares after record highs
* BSE index touches life-high of 22,792.49
* NSE touches record 6,819.05
* Tata Motors hits record high; Citi raises target
* Adani Enterprises' biggest single-day percentage gain
* State insurer LIC seen selling banks, IT shares -dealers
By Abhishek Vishnoi
MUMBAI, April 10 (Reuters) - Indian shares retreated from
record highs hit earlier in the session to end flat as
profit-taking hit blue chips such as Infosys Ltd (NYSE: INFY - news) on
caution ahead of the release of quarterly earnings and inflation
data next week.
Next (Dusseldorf: NXG.DU - news) week marks the start of quarterly earnings reports,
while India will also release consumer price inflation data, in
the midst of a five-week elections.
Overseas investors have been heavy buyers of Indian shares,
buying $173.50 million worth of shares on Wednesday, totalling
$4.7 billion so far in 2014.
But domestic institutional investors are much less subdued
in their buying. Life Insurance Corp was spotted selling IT and
bank shares after a recent rally, said four dealers at
brokerages that handle trades on behalf of India's largest
state-run insurer.
"Indian stock market performance in recent times has been
driven by hopes of a favorable election outcome. In my view,
India's ability to take control of current account problem has
helped the economy," said Atul Kumar, equity fund manager at
Quantum's equity funds.
The benchmark BSE index rose as much as 0.4 percent
to its life-high of 22,792.49, while the NSE index rose
0.33 percent to a record 6,819.05.
However, both indexes ended flat, with the NSE index ending
unchanged and the BSE index ending up 0.06 percent higher.
Profit-taking hit Infosys, which fell 1.6 percent on caution
ahead of March-quarter results due on April 15.
Sun Pharmaceutical Industries fell 2.3 percent on
profit-taking after rising 7.1 percent in the previous session.
Among other blue chips, ITC Ltd fell 1.2 percent
while ICICI Bank (NYSE: IBN - news) lost 1 percent.
However, stocks tied to domestic economy remained in favour.
Bharat Heavy Electricals Ltd (BSE: BHEL.BO - news) gained 2.7 percent, Axis (Stockholm: AXIS.ST - news)
Bank ended 1.3 percent higher.
India's Adani group companies surged on what traders
attribute partially to the view that the group would perform
well should the Bharatiya Janata Party led by Narendra Modi win
elections, given perceptions of close links.
Adani Enterprises Ltd surged 22.9 percent, marking
its biggest single day ever, Adani Power rose 1
percent while Adani Port and Special Economic Zone
ended 5.2 percent higher.
Crompton Greaves Ltd rose 6 percent after earlier
marking its highest level since July 2011, adding to Wednesday's
9.3 percent gain, on hopes the power equipment maker will report
a turnaround in earnings during the January-March quarter.
Tata Motors gained 2.4 percent after earlier
rising to a record high of 435 rupees after Citigroup (NYSE: C - news) raised its
target on the stock to 486 rupees from 421 rupees, citing the
outlook for the Indian automaker's luxury unit Jaguar Land Rover
.
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FACTORS TO WATCH
* Dollar hit by Fed, Swedish crown drops on inflation
* Brent dips towards $107 on weak China trade data
* Shares rise on Fed, eyes on Greek bond sale
* Foreign institutional investor flows
* For closing rates of Indian ADRs
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