August 24, 2018 / 6:27 AM / a year ago

Indian shares tread lower; set to end week higher

* NSE index down 0.14 pct, BSE index 0.16 pct lower

* Both poised for 0.8 pct weekly gain

* Markets taking a breather - analyst

By Tanvi Mehta

Aug 24 (Reuters) - Indian shares edged down on Friday, taking a pause after hitting record highs eight times this month, dragged by financials and consumer stocks amid caution in global markets.

World stocks came under pressure as new tariffs took effect in the U.S./China trade war and markets speculated about U.S. President Donald Trump’s position following legal rulings against two former advisers.

“Market is taking a breather today, a consolidation after some good moves,” said Saurabh Jain, AVP Research at SMC global securities, adding that investors are not expecting a conclusion soon on the Sino-U.S. trade talks.

The broader NSE index was down 0.14 percent at 11,566.3 as of 0609 GMT, as gains in Oil and Natural Gas Corp were offset by losses in market heavyweights like ITC Ltd.

The benchmark BSE index was 0.16 percent lower at 38,274.84.

Both the indexes are on track for their fifth straight weekly gain, up over 0.8 percent each.

Reliance Industries Ltd was trading 0.07 percent lower, a day after it crossed the 8 trillion rupees ($114.14 billion) level in market capitalisation. It has contributed 27 percent to the Nifty’s rise this year, and is next to top software services firm Tata Consultancy Services Ltd.

Financials continued to drag, with private sector lenders ICICI Bank and Yes Bank Ltd among the top stocks pulling the index down.

Pharma shares, which have been a favourite this month, were down with the Nifty Pharma index falling 0.8 percent as investors booked profits. The index has risen for the past seven consecutive sessions.

Hexaware Technologies Ltd fell as much as 19.3 percent, its biggest daily drop in over three years after HT Global IT Solutions sold its stake. ($1 = 70.0900 Indian rupees) (Reporting by Tanvi Mehta in Bengaluru; Editing by Vyas Mohan)

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