Indian shares retreat from record highs on weak global cues

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

India shares retreated from record highs on Tuesday as investors booked profits in recent outperformers while weak global cues also hampered risk appetite.

Asian shares declined, tracking Wall Street following a slide in Apple shares on news that the company will cut production of its iPhone X smartphone.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.5 percent after rising to an all-time high the previous day. Australian stocks shed 0.4 percent, South Korea's KOSPI lost 0.1 percent and Japan's Nikkei dropped 0.7 percent, Reuters data showed.

At 0620 GMT, the S&P BSE Sensex declined 0.58 percent at 36,083 while the broader NSE Nifty dropped 0.68 percent to 11,053.

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Among the top Sensex laggards, Asian Paints fell 2.4 percent, Wipro declined 1.9 percent, Axis Bank dropped 1.7 percent while Kotak Mahindra Bank was down 1.6 percent.

Wockhardt lost 2.7 percent after the company posted a loss of Rs40.76 crore in the December quarter

But shares of Amber Enterprises India surged over 37 percent on debut after it's initial public offer was subscribed more than 165 times last week.

Unitech advanced 5 percent after Bloomberg reported that the government lawyers made a statement in the Supreme Court saying it will withdraw management takeover case from National Company Law Tribunal.

Reliance Communications gained 2 percent after the company reported a narrower quarterly loss.

This article was first published on January 30, 2018