Indian shares fall after record gains on profit booking, Coal India slumps 5%

india trader
Traders work at a brokerage in Mumbai, India. Reuters

India shares ended lower on Tuesday as investors booked profits after indices hit record highs in the previous three sessions.

Asian shares dropped, dragged by miners on account of weaker Chinese iron ore prices.

Chinese iron ore futures plunged 2 percent, as stockpiles of the steelmaking commodity at China's ports surged to the highest since at least 2004, Reuters reported.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent in early trade, Reuters data showed. U.S. markets were closed for a public holiday on Monday.

The S&P BSE Sensex fell 0.21 percent at 34,771 while the broader NSE Nifty shed 0.38 percent to 10,700.

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Investor sentiment back home have been upbeat following better-than-expected growth in industrial output and strong gains in global equities.

Among the top Sensex laggards, Coal India dropped 4.7 percent, Reliance Industries declined 2.5 percent, Tata Motors fell 2.2 percent while Tata Steel was down 1.9 percent.

Federal Bank fell 8 percent after the lender reported weaker-than-expected quarterly earnings.

But Bharat Bijlee added 2 percent after the company said it will receive Rs46.79 crore from MIDC towards acquisition of land situated at Navi Mumbai.

Delta Corp climbed 4 percent after the company reported a 347 percent surge in its December-quarter net profit.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

This article was first published on January 16, 2018