Indian shares fall on profit-taking; financial stocks down

Posted June 24, 2017

Asian shares flatlined on Friday but remained on track for a weekly gain, while crude oil prices pulled away from this week's 10-month lows.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,351.53 points, provisionally closed at 31,290.74 points (at 3.30 p.m.) - up a mere 7.10 points, or 0.02 per cent, from its previous close at 31,283.64 points.

Markets will be closed on Monday for a public holiday.

The Sensex touched a high of 31,365.39 and a low of 31,110.39 points during intra-day trade. Market was extremely volatile in the week with Sensex hitting record high and breaching 31,500 on Thursday.

The NSE 50-share Nifty slumped 35.75 points, or 0.37 per cent, to 9,594.25 at 1123 hours. "However, markets will continue to get support at lower levels due to reforms in banking sector, falling inflation and expectation of rate cut", Vinod Nair, Head of Research, Geojit Financial Services said.

The Nifty PSU Bank index dropped as much as 1.2 percent.

Fortis Healthcare slumped almost 13 percent after the company said Malaysia's Integrated Healthcare Holdings has abandoned its pursuit of Fortis Healthcare and SRL Diagnostics.

The Nifty Auto index fell as much as 1.3 percent.

European shares were down in late morning deals.

On Wednesday, the regulator Sebi relaxed entry norms for overseas investors, rationalised "fit and proper" criteria as also simplified other requirements.

Domestic equity indices slipped into the negative zone on Friday amid profit booking ahead of a long weekend.