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Stocks in India Take a Breather After Hitting Record Highs

Alex Gabriel Simon
·1 min read

(Bloomberg) -- Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly.

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India’s stock benchmark fell after hitting a record high in the previous session, as investors assessed price cuts by a key automaker and upcoming earnings season.

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The NSE Nifty 50 Index declined as much as 1.2% on Wednesday, posting its biggest fall since June 4, when an election setback for Prime Minister Narendra Modi’s party spooked the market.

Shares of automaker Mahindra & Mahindra Ltd. were the biggest drag on the Nifty index after the company on Tuesday announced lower prices for one of its sports-utility vehicles for the next four months.

“Investors are taking profits at higher levels, which is likely to create consolidation ahead of the budget,” due July 23, said Kranthi Bathini, a strategist at WealthMills Securities Pvt. “After a strong rally, it was much anticipated that the market will take a breather.”

Indian stocks hit a series of record highs in recent days amid accelerated foreign buying as investors’ concerns about policy continuity — following Modi-led party’s surprisingly lackluster showing at the June 4 election — dissipated.

India’s top companies will start reporting earnings from Thursday, starting with IT bellwether Tata Consultancy Services Ltd. Their commentary on the business outlook will be closely watched.

A gauge of volatility expectations based on options pricing has risen 17% in three sessions through Wednesday, and is headed for its highest level in almost a month.

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