Indian shares retreated yesterday from record highs hit in the prior session, snapping a four-session winning streak as investors booked profits in blue-chips such as HDFC Bank ahead of the release election results tomorrow.
Indian shares have surged on widespread expectations that the opposition Bharatiya Janata Party, and its prime minister candidate Narendra Modi, are set to win a majority in the country’s elections when results are unveiled tomorrow.
India’s NSE index has gained 21.50% since Sept 13 when Modi was named as BJP’s prime ministerial candidate, with foreign investors buying heavily.
Their net purchases accelerated over the previous three sessions, reaching a net Rs63.39bn ($1.06bn) when including index futures.
The benchmark BSE index fell 0.24%, or 56.11 points, to end at 23,815.12 after hitting a record high of 24,068.94 on Tuesday.
The broader NSE index ended flat at 7,108.75, after touching an all-time high of 7,172.35 a day earlier.
Among blue-chips, HDFC Bank declined 1.6% after making a life high of 800 rupees on Tuesday, while Reliance Industries ended 1.7% lower.
Bharat Heavy Electricals slipped 1.2% after surging 10.2% on Tuesday, while Larsen & Toubro ended 1.1% lower.