BUZZ-Financials, IT pullback weighs on Indian benchmarks

Reuters01-03

** India's benchmark NSE Nifty 50 .NSEI and BSE Sensex .BSESN indexes drop 0.35% each on a pullback in financials and IT after they rallied in previous session

** Financials .NIFTYFIN drop 0.75%, led by 2% decline in top private lender HDFC Bank HDBK.NS

** CLSA removes HDFC Bank from India focus portfolio, cuts "overweight" stance in banks

** IT .NIFTYIT sheds 1.2% after gaining 2.3% in previous session

** Investors are booking some profits after benchmarks posted their best session in six weeks on Thursday, analysts say, adding quarterly results, starting next week, will shape near-term market trajectory

** Smallcaps .NIFSMCP100 gain 0.4%, midcaps .NIFMDCP100 trade flat

** Among individual stocks, two-wheeler maker Hero MotoCorp HROM.NS sheds 2.2% after posting a drop in December monthly sales

** Carmaker Tata Motors TAMO.NS jumps 3.8%, power generation co NTPC NTPC.NS, consumer firms Nestle NEST.NS and Britannia BRIT.NS gain 1%-1.5% on inclusion in CLSA India focus portfolio

(Reporting by Bharath Rajeswaran in Bengaluru)

((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))

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