Indian shares step back from record highs on weak Asia

India shares fell from record highs on Tuesday, tracking losses in other Asian equities following a drop in China's factory gauge.

india trader
Reuters

India shares fell from record highs on Tuesday, tracking losses in other Asian equities following a drop in China's factory gauge.

Stocks in Asia were sluggish and bonds added to gains after a sharper-than-expected slowdown in China's October factory growth.

Wall Street pulled back from record-high territory on Monday, weighed down by a drop in drugmaker Merck.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 percent.

Investors are now focused on the impending appointment of the Federal Reserve chair, with speculation rife that Fed governor Jerome Powell is the favoured suitor.

The S&P BSE Sensex fell 0.16 percent at 33,213 while the broader NSE Nifty lost 0.27 percent to 10,335.

State-owned lenders traded lower: Central Bank of India fell 1.2 percent, Corporation Bank dropped 2.5 percent, Union Bank of India dived 4 percent, Syndicate Bank lost 2 percent while Punjab National Bank declined 3.3 percent.

Infosys fell 2.5 percent after the stock turned ex-buyback date.

Among the gainers, Bharat Electronics advanced 5.3 percent after the company reported a 19.1 percent increase in its net profit for the September quarter.

Zen Technologies gained 5 percent after the company said it won order worth Rs 357 crore from the government of India.

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

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