Mumbai: Indian shares edged down on Friday as market heavyweight Tata Consultancy Services Ltd
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
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 third-quarter profit.
"Market was overheated ahead of Tata Consultancy Services
"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 Nifty was down 0.21 percent at8,389.20 as of 0744 GMT, while the benchmark BSE Sensex 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 2017.
Energy stocks rose as crude oil edged up, supported by reports on details about OPEC output cuts.
Reliance Industries Ltd