India's benchmark BSE index edged higher to a record close for a third consecutive session as consumer goods stocks gained, but broader advances were capped by falls in companies that posted weak results such as Reliance Communications. The BSE index gained 0.26 percent to hit a record close of 31,109.28 points.
Meanwhile, the broader NSE index ended up 0.1 percent at an all-time closing high of 9,604.90 points, marking a second consecutive record close. "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 US sales may fall this year on lower drug prices.
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' estimate. 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 billion rupees.