Indian shares snap 3-day rally as investors book profits

Sentiment across Asia was subdued after North Korea test-fired a ballistic missile toward Japan.

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Indian shares paused after gaining for three straight sessions on Tuesday, as investors booked profits in recent outperformers such as ITC and Godfrey Phillips.

The benchmark S&P BSE Sensex shed 0.04 percent at 31,209 while the broader Nifty dropped 0.02 percent at 9,613.

Sentiment across Asia was subdued after North Korea test-fired an intermediate-range ballistic missile toward Japan, spurring safe haven assets such as the yen and gold.

The MSCI Asia Pacific Index was down 0.3 percent after the gauge finished the second quarter with a gain of 5.2 percent.

Back home, biscuit maker ITC fell 1.3 while cigarette maker Godfrey Phillips dropped 1.2 percent after recent gains.

Consumer goods stocks have rallied in the last few sessions amidst hopes of improved sales after the nation adopted new tax regime under the goods and services tax.

Aviation stocks dropped. Jet Airways India declined 1.3 percent and SpiceJet fell 1.7 percent.

Just Dial Ltd shares slumped 4.9 percent after the company said its chief financial officer Ramkumar Krishnamachari resigned.

Prominent gainers included Reliance Industries, Adani Ports, Kotak Mahindra Bank, Oil India and ONGC, rising by up to 2.8 percent.

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