BENGALURU: Indian shares were under pressure at the open on Tuesday as investors continued to book profits with the benchmarks near all-time highs.
The NSE Nifty 50 was down 0.06% to 24,820.4 points as of 9:18 a.m. IST, while the S&P BSE Sensex shed 0.05% to 81,314.21.
The indexes hit all-time highs on Monday before pulling back sharply to end the session little changed.
The Nifty came tantalizingly close to 25,000 points before retreating.
“Profit-booking at record-high levels will continue as the markets are in overbought territory,” said Vinod Nair, head of research at Geojit Financial Services.
The Nifty’s relative strength index (RSI) is at 71, according to LSEG data. Six of the 13 major sectors logged losses on the day.
However, the broader, more domestically focussed small- and mid-caps rose 0.3% and 0.15%, respectively, at the open.
Asian shares declined, while Wall Street equities were flat overnight.
Indian shares end off record highs as traders book profits
Investors await the Federal Reserve’s comments on monetary policy later in the week to confirm bets of a rate cut in September.
Among stocks, Colgate Palmolive India gained 3.5% after reporting a higher quarterly profit, helped by price hikes.
Pfizer Ltd jumped 4% after it also reported a higher first-quarter profit.
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