Indian shares snap 7-day rally; SBI, Tata Motors drop

Indian shares snapped seven-day rally on Wednesday as investors booked profits in recent outperformers such as State Bank of India.

india trader
Reuters

Indian shares snapped seven-day rally on Wednesday as investors booked profits in recent outperformers such as State Bank of India.

Meanwhile, Asian shares rose while the euro hovered near a 10-day peak after Catalonia's leader talked down immediate plans to secede from Spain.

MSCI's broadest index of Asia-Pacific shares outside Japan nudged 0.24 percent higher to test a recent decade peak of 545.56.

Catalan President Carles Puigdemont said that while an October 1 referendum had given him the mandate to pursue independence, he would "suspend" the result for a period of some weeks for dialogue with Prime Minister Mariano Rajoy's administration.

The S&P BSE Sensex lost 0.28 percent at 31,833 while the broader NSE Nifty dropped 0.45 percent to 9,972.

Among the top Sensex losers: Tata Motors dropped 2.3 percent, State Bank of India declined 2 percent, Tata Steel weakened 1.5 percent while Coal India shed 1.4 percent.

The S&P BSE Bankex Index was among the top sectoral losers, down 1.1 percent followed by auto and healthcare indexes.

Bharti Airtel said it has partnered with Karbonn Mobile to offer affordable 4G smartphones. Shares of Bharti Airtel ended up about 6 percent.

GM Breweries surged 20 percent after the company reported 41 percent jump in its net profit for September quarter.

Sical Logistics gained about 4 percent after the company approved buying MMTC's 26 percent stake in arm Sical Iron Ore.

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

india trader
Reuters

Indian shares snapped seven-day rally on Wednesday as investors booked profits in recent outperformers such as State Bank of India.

Meanwhile, Asian shares rose while the euro hovered near a 10-day peak after Catalonia's leader talked down immediate plans to secede from Spain.

MSCI's broadest index of Asia-Pacific shares outside Japan nudged 0.24 percent higher to test a recent decade peak of 545.56.

Catalan President Carles Puigdemont said that while an October 1 referendum had given him the mandate to pursue independence, he would "suspend" the result for a period of some weeks for dialogue with Prime Minister Mariano Rajoy's administration.

The S&P BSE Sensex lost 0.28 percent at 31,833 while the broader NSE Nifty dropped 0.45 percent to 9,972.

Among the top Sensex losers: Tata Motors dropped 2.3 percent, State Bank of India declined 2 percent, Tata Steel weakened 1.5 percent while Coal India shed 1.4 percent.

The S&P BSE Bankex Index was among the top sectoral losers, down 1.1 percent followed by auto and healthcare indexes.

Bharti Airtel said it has partnered with Karbonn Mobile to offer affordable 4G smartphones. Shares of Bharti Airtel ended up about 6 percent.

GM Breweries surged 20 percent after the company reported 41 percent jump in its net profit for September quarter.

Sical Logistics gained about 4 percent after the company approved buying MMTC's 26 percent stake in arm Sical Iron Ore.

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

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