"Earnings have been good so far. However, there's a bit of fear on what is coming up in the budget amidst concerns about fiscal deficit. And there's some profit-booking as well following the record levels," said Sunil Sharma, Chief Invetsment Officer at Sanctum Wealth Management. Indian markets have been on a record-hitting run in recent weeks, boosted by a better-than-expected corporate earnings, government measures such as a cut in the goods and services tax for certain goods and a positive economic growth forecast.
Asian Paints Ltd and Eicher Motors Ltd were among the top losers on the NSE index, down over 2 percent each. However, debt-laden Reliance Communications Ltd (RCom) surged nearly 15 percent after reporting a narrower third-quarter loss on Monday. Shares of HDFC Bank Ltd dropped as much as 0.7 percent, on track to snap a 3-day gaining streak.
Meanwhile, air-conditioner manufacturer Amber Enterprises India Ltd had an impressive market debut, zooming as much as 37 percent to 1,175 rupees against the IPO price of 859 rupees.