Indian shares ended little changed in a choppy session on Wednesday, following mixed corporate earnings and a fall in high-flying stocks after a record-setting rally.
India's main stock indexes have gained nearly 11% in February on optimism from a high-spending federal budget and an upbeat outlook for companies, but the rally has been losing steam after benchmarks scaled multiple record highs.
The NSE Nifty 50 index climbed as much as 0.39% in early trade and fell up to 0.87% in the afternoon, before ending 0.02% lower at 15,106.50. The index ended marginally lower on Tuesday as well, following a six-day rally.
The S&P BSE Sensex closed 0.04% lower at 51,309.39.
HDFC Bank and Axis Bank were among the top drags, falling more than 1% each. Both stocks have climbed more than 10% each this month.
Analysts on Wednesday said investors were selling off some stocks to take profits from the recent rally.
Gas utility GAIL and aluminium group Hindalco ended 2% and 0.5% higher, respectively, after both companies reported higher profits for the December quarter.
Fellow Nifty 50 component Eicher Motors closed 1.6% lower even as it reported stronger profit and revenue.
Muthoot Finance jumped nearly 7% after reporting higher profit and interest income.
World shares hit all-time highs and European indexes gained, with market sentiment generally upbeat on the prospect of fiscal stimulus and vaccine rollouts.
