* NSE index flat, BSE index up 0.1 pct
* Arrival of monsoon rains at southern coast supports
* Aurobindo Pharma posts biggest gain in over 3 years
By Krishna V Kurup
May 30 Indian shares were largely flat on
Tuesday, taking a breather after setting record closes in the
previous sessions as investors booked profits in recent
outperformers such as ITC Ltd, while the arrival of
monsoon rains kept the sentiment upbeat.
The monsoon, which delivers about 70 percent of India's
annual rainfall, arrived at the southern Kerala coast on
Tuesday, in line with forecasts, a weather office source said,
brightening the outlook for higher farm output and robust
The arrival of rains bolstered optimism about the economy
ahead of the launch of the national goods and services tax (GST)
later this year, but analysts said extensive gains in Indian
shares blunted the monsoon's impact on markets.
"Progress of the monsoon and GST rollout will be a key
factor going ahead," said Siddharth Purohit, senior research
analyst at Angel Broking.
"Broadly, markets are consolidating now, and before we see
further uptrend, there will be more consolidation for a few
sessions," Purohit said, adding: "absence of any major corporate
announcements will keep the markets in narrow range for a few
The broader NSE index was up 0.03 percent at 9,608.2
as of 0634 GMT, while the benchmark BSE index rose 0.11
percent to 31,142.99.
The BSE index posted a record high close for a third
consecutive session on Monday, while the NSE index closed at a
record high for a second consecutive session.
Among gainers, Aurobindo Pharma climbed as much as 11
percent, posting its biggest intraday gain in over three years,
after it said that it did not expect price erosion in the U.S.
to impact the company too much due to its wider product basket
compared to competitors.
Larsen & Toubro Ltd also rose, touching its
highest in more than 1-1/2 years after the engineering company
reported a 28 percent rise in March-quarter consolidated profit.
Among decliners, ITC Ltd lost as much as 1.6
percent after gaining 13.6 percent this month as of its last
Meanwhile, Coal India Ltd hit a more than
three-year low after the coal miner posted a 38 percent fall in
consolidated quarterly profit, missing analysts estimates, hurt
by higher costs.
State-run power plant equipment maker Bharat Heavy
Electricals Ltd dropped to over four-month low, after
it reported a bigger-than-expected plunge in March quarter net
Jubilant Foodworks Ltd fell as much as 13.1
percent to post its biggest intraday loss in over 15 months
after it reported a 76 percent drop in March quarter profit.
(Reporting by Krishna V Kurup in Bengaluru; Editing by Amrutha