MUMBAI--Indian shares ended lower for the second straight session Thursday, as traders took profits in front-line software shares which had sharply outperformed the broader market in recent weeks.
On the Bombay Stock Exchange, the S&P BSE Sensex declined 0.6% to 20415.51 points. The National Stock Exchange's 50-stock Nifty index closed 0.7% lower at 6045.85 points.
The 30-stock Sensex index shed 0.3% Tuesday, after closing at a near-one-month high Monday. Markets in India were closed Wednesday for a public holiday.
"Technically, the market looked over-bought and some correction was expected," said Nilesh H. Karani, vice president for research at Mumbai-based Magnum Equity Broking Ltd. Mr. Karani said he expects the market to trade rangebound over the next one week, with stock-specific action on the back of quarterly earnings releases.
Nine of the Bombay Stock Exchange's 13 sector indexes ended lower. The BSE IT index was the top loser, down 3.6%. It had jumped 12% in the past one month before Thursday, compared with a 3.8% increase in the Sensex.
Tata Consultancy Services--India's biggest company by market value--fell 5.0% to 2,107.70 rupees on profit-taking despite posting a better-than-expected quarterly profit after market close Tuesday. Infosys lost 2.3% to 3,270.10 rupees.
Tata Consultancy had hit a record high of 2,258.05 rupees Tuesday, while Infosys climbed to 3,360 rupees, a 52-week high, on Oct. 11.
Top engineering and construction company Larsen & Toubro fell 3.7% to 837.25 rupees amid caution ahead of its quarterly earnings, scheduled for Friday.
In the currency market, the rupee was trading higher against the dollar, mirroring strength in regional currencies. In late-session onshore trade, the dollar was quoting at 61.28 rupees, compared with 61.84 in late Asia trade Tuesday.
