Indian shares pause after record rally; TCS slides

Price-to-earnings ratio of Sensex and Nifty is at 18.3 and 17.7 respectively while MSCI Emerging Markets is at 12 and MSCI World is at 16

Price-to-earnings ratio of Sensex and Nifty is at 18.3 and 17.7 respectively while MSCI Emerging Markets is at 12 and MSCI World is at 16

The markets saw an wonderful rally during the week with both Sensex and Nifty setting all-time highs multiple times.

India's annual retail inflation eased to a record low of 1.54 per cent during June, lowest since 1999, while the country's factory output growth slowed to 1.7 per cent in May.

Apart from global cues, domestic macro-economic data points - Consumer Price Index (CPI) and Index of Industrial Production (IIP) - released after market hours on Wednesday raised investors' hopes for a cut in key lending rates by the Reserve Bank of India (RBI) in its monetary policy review slated for August 2.

The S&P BSE Sensex fell 0.05 percent to 32,020 while the broader NSE Nifty also lost 0.05 percent to 9,886.

The Sensex ended at 32,020.75 points - down 16.63 points or 16.63 per cent, from its previous close at 32,037.38 points.

"Markets zoomed higher on Thursday to touch new life highs".

Meanwhile, the benchmark BSE Sensex climbed 72.37 points, or 0.22 per cent, to a new record 32,109.75 in opening trade.

The BSE market breadth was bearish with 1,681 declines and 1,009 advances.

"Major Asian markets have ended on a positive note, barring the Taiwan index".

Infosys, which reported better-than-estimated-earnings today and revised its dollar revenue guidance upward, closed 0.51 per cent lower at Rs 972.05 after gaining as much as 3 per cent during intraday trade.

Shares of TCS ended almost 2 percent lower today, wiping out Rs 8,661 crore in market valuation, after the company reported a 5.9 percent decline in consolidated net profit for the April-June quarter.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 361.25 crore yesterday, PTI reported.

"Top gainers in the NSE were Auro Pharma, Gail, ACC, NTPC and Infratel, while the losers were IOC, TCS, Wipro, Tata Motors and Tata Motors (DVR)", he added.

US stocks rose overnight and Treasuries fell as oil prices extended gains for a fourth straight session and investors digested new economic data on jobless claims and producer prices.

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