Sensex eases from record highs; financials drag

Indian shares fell on Friday, after touching record highs for four straight sessions, dragged down by financial stocks such as State Bank of India and ICICI Bank Ltd.

The broader Nifty Bank Index fell as much as 0.48 percent after rising for four out of the last five sessions. Image source: Reuters

Indian shares fell on Friday, after touching record highs for four straight sessions, dragged down by financial stocks such as State Bank of India and ICICI Bank Ltd.

State Bank of India fell as much as 2.7 percent to 308.70 ahead of its first-quarter results due on Friday while ICICI Bank slid as much as 2.3 percent to 325.35 rupees. The broader Nifty Bank Index fell as much as 0.48 percent after rising for four out of the last five sessions.

"We have had a really strong rally the last month and now there is profit-taking," said Sunil Sharma, chief investment officer at Sanctum Wealth Management.

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The broader NSE Nifty was down 0.36 percent at11428.55 as of 0613 GMT while the benchmark BSE Sensex was 0.3 percent lower at 37910.52. Both the indexes were set to end higher for a third consecutive week, with the NSE index gaining 0.59 percent on week and the BSE Index adding 0.96 percent.

Energy stocks such as Coal India Ltd and Reliance Industries Ltd also weighed on the NSE index.

Oil prices dipped on Friday on worries that an escalating trade dispute between Washington and Beijing will stall economic growth and demand for fuel, even as renewed U.S. sanctions against Iran are expected to tighten supplies.

India`s biggest full-service airline, Jet Airways (India) Ltd, plunged to a more than three-year low after deferring its financial results for the June quarter.

Eicher Motors Ltd shares rose as much as 4.3 pct after the company posted an about 25 percent jump in its June-quarter profit on Thursday.

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