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MUMBAI – Indian shares settled lower on Tuesday as investors booked profits after the benchmark indexes hit record highs, pushing the total market capitalisation of companies listed on the National Stock Exchange to more than 400 trillion rupees ($4.8 trillion).The NSE Nifty 50 (.NSEI), opens new tab shed 0.10% to 22,642.75 at close, while the S&P BSE Sensex (.BSESN), opens new tab dropped 0.08% to 74,683.70, after breaching the 75,000 mark for the first time ever. Both indexes rose about 0.5% at open to hit record highs for the second straight session.”Instances of intermittent profit booking would emerge at record high levels, but the sentiment remains positive ahead of earnings season,” Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services said.Most investors have an undisputed consensus bullish call on Indian markets, which has all the ingredients to achieve a consistent and steady growth trajectory, Viktor Shvets and Kyle Liu of Macquarie said in a note on Monday.Hopes of political continuity after India’s general elections that start later this month have also aided shares, according to analysts.Since the start of December, when Prime Minister Narendra Modi’s ruling Bharatiya Janata Party won key state elections, the Nifty 50 has gained nearly 13%, in line with its historical pre-election performance.The market capitalisation of NSE-listed firms has jumped 100 trillion rupees in just over eight months.On Tuesday, metal stocks (.NIFTYMET), opens new tab advanced 1.13% to a record high on expectations of a demand rebound on the back of strong manufacturing data from the U.S. and China.Aluminium maker Hindalco Industries (HALC.NS), opens new tab added about 2%. It was the second highest percentage gainer on the Nifty 50.Infosys (INFY.NS), opens new tab rose 1.2% after BofA upgraded the software company’s stock to “buy” citing attractive valuations.Real estate company Godrej Properties (GODR.NS), opens new tab surged 4.48% to a record high after strong March quarter sales.($1 = 83.2003 Indian rupees)
