1/29/2012 11:52 PM ET
(RTTNews) - Indian shares fell on Monday, as investors booked some profits after a 11 percent rally this month. Also, other Asian markets are drifting lower this morning, dampening investor sentiment.
Key benchmark indexes in Australia, China, Hong Kong, Japan and South Korea are down between 0.3 percent and one percent, as data showed the U.S. economy expanded less than forecast in the fourth quarter and investors await the outcome of an EU economic summit unfolding in Brussels later today.
The benchmark 30-share BSE Sensex is currently at 17,092, down 142 points or 0.82 percent from its previous close and the broader Nifty index is down 46 points or 0.88 percent at 5,159.
BHEL is plunging 7.4 percent on reporting disappointing quarterly results. Essar Oil is tumbling 3.3 percent after the Gujarat government reportedly issued a notice to the company asking to pay outstanding sales tax and VAT dues of over Rs.8,000 crore. Indian Bank and LIC Housing Finance are marginally lower ahead of their quarterly results today.
IT stocks are mixed on a report that industry body Nasscom will likely scale down its outlook for software exports in 2012-13. Infosys is down 0.7 percent, while TCS is rising half a percent and Wipro is up 0.6 percent.
NTPC is edging up 0.4 percent after the state-run firm signed a pact to build a coal-fired power plant in southern Bangladesh. Bhushan Steel is gaining 0.4 percent after its board approved a rights issue. Lloyds Steel Industries is up 0.8 percent ahead of a board meet on February 1 to consider a preferential share issue.
The benchmark indexes Sensex and the Nifty rose around 3 percent each last week, extending rally for the fourth straight week, driven mainly by FII money.
The RBI surprised the market with a CRR cut and data showed food inflation hovered in negative terrain for the fourth consecutive week, raising expectations that interest rates will fall in the coming months.
by RTT Staff Writer
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