Indian shares ended lower on Tuesday, retreating from record highs hit in the previous session, as investors booked profits in recent outperformers such as HDFC Bank Ltd, while caution prevailed ahead of the federal budget, due Thursday. The BSE index fell 0.69 percent to 36,033.73, while the broader NSE index dropped 0.73 percent to 11,049.65.
"Earnings have been good so far. However, there's a bit of fear on what is coming up in the budget amidst concerns about fiscal deficit. And there's some profit-booking as well following the record levels," said Sunil Sharma, Chief Invetsment Officer at Sanctum Wealth Management. Indian markets have been on a record-hitting run in recent weeks, boosted by a better-than-expected corporate earnings, government measures such as a cut in the goods and services tax for certain goods and a positive economic growth forecast.
Asian Paints Ltd and Eicher Motors Ltd were among the top losers on the NSE index, down over 2 percent each. However, debt-laden Reliance Communications Ltd (RCom) surged nearly 15 percent after reporting a narrower third-quarter loss on Monday. Shares of HDFC Bank Ltd dropped as much as 0.7 percent, on track to snap a 3-day gaining streak.
Meanwhile, air-conditioner manufacturer Amber Enterprises India Ltd had an impressive market debut, zooming as much as 37 percent to 1,175 rupees against the IPO price of 859 rupees.
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