Indian shares take a breather after record gains; Infosys rises 1%

india trader
A trader works at a brokerage in Mumbai, India.

India shares edged lower on Wednesday as investors booked profits in the recent outperformers following a record rally over the past three sessions.

Meanwhile Asia's stock rally to record highs took a breather after six straight days of gains until Tuesday.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.3 percent. Japan's Nikkei also shed 0.2 percent, slipping from 26-year highs hit the day before, according to Reuters data.

At 0620 GMT, the S&P BSE Sensex shed 0.23 percent at 34,364 while the broader NSE Nifty declined 0.32 percent to 10,603.

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Among the top Sensex fallers, Asian Paints dropped 1.4 percent, Yes Bank fell 1.5 percent, Dr. Reddy's lost 1.2 percent while Tata Steel was down 1.1 percent.

Philips Carbon Black lost 4 percent after FIL Investments (Mauritius) sold 0.7 percent stake in the company.

But KSK Energy Ventures climbed 5 percent after Societe Generale bought 1.3 percent interest at an average price of Rs17.86.

Infosys gained 1 percent after the company signed an advance pricing agreement with the U.S. Internal Revenue Services, which would result in a reversal of $225 million of tax provisions.

Electrosteel Steels advanced 5 percent after the company received resolution plans from Tata Steel, Vedanta, Edelweiss ARC and Renaissance Steel.

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 10, 2018