Reuters Market Eye - The BSE Sensex is headed for a second consecutive session of falls as investors continue to take profits after record highs hit on Thursday.
Blue chips across a range of sectors led the way down, with Housing Development Finance Corp Ltd falling 3.4 percent, Hindalco Industries Ltd losing 3.6 percent and Tata Motors Ltd down 2.8 percent.
However, Infosys gains 1.7 percent after its January-March earnings beat estimates, although India's second largest software services exporter forecast sales would grow slightly below estimates this fiscal year.
Other IT outsourcing companies such as Tata Consultancy Services Ltd and Wipro Ltd gained. The IT index of the BSE gained 1.7 percent.
Shares in United Spirits Ltd gained as much as 15 percent to a record high of 2,940.80 rupees after Diageo Plc announced a tender offer to acquire up to an additional 26 percent stake in the Indian firm at 3,030 rupees a share. The offer will be launched in June.
The BSE Sensex was down nearly 200 points as of 1:03 p.m.
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(indulal.p@thomsonreuters.com/indulal.p.thomsonreuters.com@reuters.net)