May 14, 2014 / 5:23 AM / 3 years ago

MARKET EYE -Profit-taking weighs on Indian stocks after record highs

* India's BSE index is down 0.1 percent, while the
broader NSE index is nearly flat on profit-taking after
hitting record highs on Tuesday on exit polls that showed the
Bharatiya Janata Party and its allies winning a majority in the
elections. 
* India's NSE index has gained more than 20 percent since Sept.
13 when Narendra Modi was named as BJP's prime ministerial
candidate.
* Oil and Natural Gas Corp Ltd falls 1.02 percent,
while Maruti Suzuki India Ltd is down 0.55 percent.
* Indian shares also showing signs of being technically
overbought as the NSE index trades above all short and long-term
price averages, Bollinger bands and their relative strength
index is above 75 level.

 (abhishek.vishnoi@thomsonreuters.com /
abhishek.vishnoi.thomsonreuters.com@reuters.net)

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