Sensex retreats from record highs; earnings disappoint

Reuters Market Eye - The BSE Sensex is down 0.76 percent while the Nifty is trading 0.83 percent lower, retreating from record highs hit earlier in the session on disappointment over earnings from market heavyweights including ICICI Bank Ltd . The falls would mark a retreat after the indexes hit record highs in each of the four trading sessions this week, which has been cut short by elections in Mumbai on Thursday that shut trading. ICICI Bank fell 2.7 percent despite posting a better-than-expected 15 percent rise in January-March net profit, as dealers say results were helped by a one-time foreign exchange gain estimated at 2.22 billion rupees ($36.4 million) Shares in Maruti Suzuki India Ltd fall 2.9 percent after posting a worse-than-expected 35 percent fall in January-March net profit. Other blue chips to fall after some disappointment over their earnings include Cairn India Ltd , down 4.9 percent, ACC Ltd and Ambuja Cements Ltd , down 3.5 percent and 4.9 percent respectively. ($1 = 61.0550 rupees) (Reporting by Indulal PM)