* NSE index down 0.21 pct, BSE index 0.12 pct lower
* Both indexes head for third straight weekly gain
* Axis Bank, Reliance Industries among top gainers
By Shivam Srivastava
Jan 13 (Reuters) - Indian shares edged down on Friday as
market heavyweight Tata Consultancy Services Ltd
slumped on worries about its future following key management
Shares of the IT outsourcing giant fell about 4 percent to a
one-month low as CEO Natarajan Chandrasekaran's departure to
head holding company Tata Sons as chairman overshadowed the
company's better-than-expected December-quarter results.
Adding to the fall, Infosys shares declined on
profit-taking after the company posted positive quarterly
results, but narrowed its full-year revenue guidance range.
Infosys fell as much as 3.73 percent to its lowest since
Dec. 7, coming off a two-and-a-half-month high touched earlier
in the session.
Earlier in the day, the country's second biggest software
services company posted a better-than-expected 7 percent rise in
"Market was overheated ahead of Tata Consultancy Services
and Infosys Ltd reporting their results,"
said RK Gupta, managing director, Taurus Asset Management
"We can also see a bit of profit-booking as well as caution
ahead of Donald Trump taking over the U.S. presidency."
The broader NSE index was down 0.21 percent at
8,389.20 as of 0744 GMT, while the benchmark BSE index
was 0.12 percent lower at 27,214.51.
Both indexes were still headed for a third straight weekly
gain, with the NSE index up 1.98 percent and the BSE 1.82
percent higher. Both hit their highest levels in around two
months on Wednesday.
IT shares led losses with the Nifty IT index down
1.01 percent. The sub-index has been flat this year on fears of
tougher U.S. visa rules after Donald Trump becomes the president
on Jan. 20.
Banks extended their rally as they are flushed with deposits
after India late last year banned higher-value banknotes. The
Nifty Bank index has rallied 3.83 percent so far in
Axis Bank was up 2.6 percent, while HDFC Bank Ltd
rose 2.1 percent.
Energy stocks rose as crude oil edged up, supported by
reports on details about OPEC output cuts.
Reliance Industries Ltd was up 1.01 percent ahead
of its quarterly results on Monday, while Oil and Natural Gas
Corp was 1.68 percent higher.
(Reporting by Shivam Srivastava in Bengaluru; Editing by