 |
 |
-
Real Estate India
-
Explore Inside Pages
-
News by Month
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- November 2007
- October 2007
- September 2007
- August 2007
- July 2007
- June 2007
- May 2007
- April 2007
- March 2007
- February 2007
- January 2007
- December 2006
- November 2006
- October 2006
- September 2006
Banks and Realty stocks Dragged Indian Shares Lower
| October 26, 2009 |  (Be the first to rate this story!) Loading ... |
Institutional selling in blue chips, mainly banks and real estate stocks, dragged Indian shares lower in a choppy session Monday even as most regional markets ended higher. The Bombay Stock Exchange’s 30-stock Sensitive Index fell 0.4% to finish at 16,740.50, after trading between 16,706.08 and 16,938.88.
Investors dumped banks and real estate on worries that the Reserve Bank of India may hike interest rates at its policy review Tuesday. DLF, the nation’s largest property developer by sales, slumped 5.4% to 430.10 rupees to be the biggest percentage loser, while State Bank of India–the largest lender by assets–slipped 2.1% at 2,305.60 rupees. ICICI Bank, the second-largest lender, lost 1.5% to 890.70 rupees, while HDFC Bank slid 0.1% to 1,687.95 rupees. Shares of Reliance Industries, India’s most valued company, stayed weak and contributed to the index’s fall, ending down 1.6% at 2,015.45 rupees.
Reliance Industries had plummeted 4.0% Friday after its partner in a block off India’s east coast said the first well of the partners’ four-well program will be abandoned after it was found dry. Brokerage Credit Suisse said in a note that the first well would have been drilled at the most promising location, meaning that Reliance Industries will need to re-work its plans for the block. Infrastructure company Jaiprakash Associates, down 3.5% at 229.20 rupees, and aluminum maker Hindalco Industries, down 3.1% at 137 rupees, were other big losers.
Engineering giant Larsen & Toubro ended up 0.5% at 1,579.40 rupees as a 6.1% slide over the past two sessions prompted investors to accumulate the stock at lower levels. Maruti Suzuki, India’s biggest car maker by sales, ended flat at 1,517.40 rupees after it Saturday posted a 93% jump in its fiscal second-quarter net profit and said it will invest 1.50 billion rupees in raising capacity at one of its factories in northern India.
News Published Under: Real Estate India, Banking and Finance |
|
Add to Favourite:
:
|
Related News:
