Indian shares started slightly lower on Thursday as profit-taking persisted near record highs across various sectors.
Asian markets opened lower, dragged down by technology stocks. The MSCI Asia ex-Japan index dropped 0.5%.
Eight of the 13 major sectors declined. The IT index lost about 0.4% after gaining 3.2% in the last three sessions. It hit a record high on Tuesday and Wednesday.
Stock Market LIVE Updates | Weak global cues and the consequent weak openings have proved to be opportunities to buy in the domestic market. This pattern may persist. A significant feature of the near-term market trend is that it is resilient and steadily moving up without sharp spurts thereby preventing a spike in valuations in the largecap category.
The recent accumulation of IT stocks stems from the confidence that the soft landing scenario in the US economy will lead to execution of the orders on which the IT companies have been sitting for some time now, said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
