INDIA STOCKS-Indian shares slip from record levels as HDFC Bank, Reliance weigh

By Bharath Rajeswaran and Vivek Kumar M

Jan 6 (Reuters) - Indian shares fell on Tuesday, pulled lower by heavyweight stocks HDFC Bank and Reliance Industries, a day after the benchmark Nifty 50 retreated from record highs.

The Nifty 50 .NSEI fell 0.1% to 26,231.40, while the Sensex <.BSESN> was down 0.21% at 85,266.40 as of 9:54 a.m. IST.

Seven of the 16 major sectors declined. Small-caps <.NIFSMCP100> and mid-caps .NIFMDCP100 rose 0.2% and 0.1%, respectively.

HDFC Bank HDBK.NS and Reliance Industries RELI.NS, the two biggest stocks on the benchmark indexes, dropped 1.6% and 3%, respectively.

Reliance said it does not expect any Russian crude deliveries in January, denying a Bloomberg report that three vessels carrying Russian oil were headed to its Jamnagar refinery.

The move comes amid renewed trade concerns after U.S. President Donald Trump said on Monday tariffs on India could be raised if New Delhi does not curb purchases of Russian oil.

The Nifty 50 hit an intraday record on Monday before reversing to close 0.3% lower.

"Sentiment remains subdued due to geopolitical tensions and concerns over potential trade frictions, which continued to weigh on risk appetite," said Ajit Mishra, senior vice president of research at Religare Broking.

Among individual stocks, Trent TREN.NS fell 7.5% after posting its December quarter business update, with multiple brokerages flagging moderating growth and unfavourable demand.

Tata Motors Passenger Vehicles TAMO.NS lost 3% after its unit JLR's third-quarter volumes dip 43.3% due to production stoppages due to a cyber incident.

On the flip side, private lenders Kotak Mahindra Bank KTKM.NS and Axis Bank AXBK.NS rose about 0.5% and 1%, respectively, after upbeat business updates for the December quarter.

Emmvee Photovoltaic Power EMMV.NS jumped 5.1% after Jefferies initiated coverage with a "buy" rating, projecting an upside of 70% in the next 12 months.