* BSE and NSE indexes end 0.03 pct lower
* Investors take profits in recent outperformers
* Capital goods, oil and gas stocks surge
By Indulal PM
MUMBAI, April 22 (Reuters) - Indian shares ended flat on
Tuesday after hitting record highs for a second consecutive
session as momentum waned ahead of the expiry of monthly
derivative contracts and on expectations that current levels
sufficiently price in fundamentals.
Investors booked profits in recent outperformers such as
State Bank of India and Tata Motors, although
gains in other sectors such as capital goods helped offset those
Although overseas investors have underpinned sentiment, the
pace of buying has slowed. Foreign institutional investors
bought shares worth 2.13 billion rupees ($35.22 million) on
Monday, having bought $67.58 million worth on Thursday.
Analysts warn markets could be headed for a period of
range-bound trading. Derivative contracts will expire on
Wednesday while markets will remain closed on Thursday as Mumbai
heads to the polls in the on-going general elections.
"There will be muted upside for the time being," said Deven
Choksey, managing director, KR Choksey Securities.
"You may see action in individual stocks, which will find
intermediate upmoves on rotation," he added.
The benchmark BSE index closed 0.03 percent lower
at 22,758.37, after gaining as much as 0.39 percent to hit an
all-time high of 22,853.03 earlier in the day.
The broader NSE index ended 0.03 percent down at
6,815.35, having earlier advanced as much as 0.3 percent to hit
a record high of 6,838.
Recent outperformers were hit by profit-taking. State Bank
of India fell 1.14 percent after having gained 36 percent since
the end of January to Monday's close on expectations the central
bank would keep interest rates on hold.
Interest-rate sensitive auto makers also fell. Maruti Suzuki
fell 0.64 percent after gaining 25 percent since the
end of February until Monday's close.
However, capital goods stocks extended recent gains as
dealers cited good buying by foreign investors.
Larsen and Toubro Ltd ended 1.8 percent higher,
adding to its 4.2 percent gain on Monday, while Bharat Heavy
Electricals Ltd rose 0.24 percent.
Oil and gas stocks were among other gainers on the back of
value buying, with heavyweights such as Reliance Industries
closing up 0.85 percent and Oil and Natural Gas Corp.
ending 1.01 percent higher.
Among the laggards, Wipro Ltd lost 2.87 percent,
adding to its 6.8 percent fall of Monday as the stock continued
to remain under pressure after a weak IT services outlook.
For additional stocks on the move double click
FACTORS TO WATCH
* Euro subdued near two-week lows, wary of ECB
* Brent dips below $110 but Ukraine tensions give support
* M&A talk lifts European shares, euro dips to two-week
* Foreign institutional investor flows
* For closing rates of Indian ADRs
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia........ Japan....... S.Korea...
S.E. Asia....... Hong Kong... Taiwan....
Australia/NZ.... India....... China.....
Wall Street .... Gold ....... Currency..
Eurostocks..... Oil ........ JP bonds...
ADR Report ..... LME metals. US bonds..
Stocks News US.. Stocks News Europe
DIARIES & DATA:
Indian Data Watch Asia earnings diary
U.S. earnings diary European diary
Indian diary Wall Street Week Ahead
Eurostocks Week Ahead
For top Asian company news, double click on:
U.S. company news European company news
Forex news Global Economy news
Technology news Telecoms news
Media news Banking news
Politics/General Asia Macro data
(Reporting by Indulal PM; Editing by Anupama Dwivedi)