Indian shares pause after record gains; Software makers advance

india trader
Trader works at a brokerage in Mumbai India. Reuters

India shares were little changed on Tuesday as investors paused after the indices hit record highs in the previous three session on sustained overseas inflows.

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.

At 0610 GMT, the S&P BSE Sensex added 0.05 percent at 34,862 while the broader NSE Nifty shed 0.05 percent to 10,736.

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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 gainers, Wipro rose 3.7 percent, TCS jumped 3.4 percent, Infosys gained 2.8 percent while Dr Reddy's was up 1.4 percent.

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 5 percent after the company reported a 347 percent surge in its December-quarter net profit.

But Federal Bank fell 3.3 percent after the lender reported weaker-than-expected quarterly earnings.

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