Indian shares fell for a fifth consecutive session on Thursday, tracking weak Asian cues as disappointing Japanese and South Korean economic data stoked worries about global economic growth ahead of Fed Chairman Bernanke's speech on Friday.
Also, traders are rolling over positions in the futures & options segment as the August series draws to a close.
Trading near the day's low, the benchmark BSE Sensex is currently down 103 points or 0.59 percent at 17,388, while the broader Nifty index is at 5,260, down 28 points or 0.54 percent from its previous close. Auto, oil/gas and metal stocks are leading the decliners, while healthcare and FMCG stocks are rising on defensive buying.
Mahindra & Mahindra is down 0.6 percent after the government approved a Rs.23,000-crore package for the promotion of environmentally-friendly electric and hybrid vehicles.
Billionaire Sunil Bharti Mittal-led Bharti Group is in advanced talks to sell its stake in privately held firm Comviva Technologies to Tech Mahindra for about Rs,750 crore, the Economic Times reported. Tech Mahindra shares are tumbling 3.5 percent.
Sesa Goa is losing 1.4 percent after it was asked by Goa State Pollution Control Board to suspend operations at its Navelim plant. HPCL is down over 2 percent on going ex-dividend.
ONGC is moving down 0.3 percent on reports its overseas investment arm has zeroed in on at least a couple of shale gas assets in the United States and Canada. Steel makers Tata Steel, SAIL and JSW Steel are down 1-2 percent as steel prices continue to fall. Other metal stocks like Sterlite and Jindal Steel are down about 2 percent each.
SKS Microfinance is declining 1.9 percent after Prime Minister's Economic Advisory Council Chairman C. Rangarajan asked microfinance institutions to modify their business models and become responsible lenders.
MphasiS is gaining 2.2 percent as the IT and BPO services firm posted a 7.2 percent rise in quarterly net profit. Ballarpur Industries is moving up 0.9 percent despite posting disappointing earnings results.
Orchid Chemicals and Pharmaceuticals is moving up 1.3 percent after divesting its penicillin and penem active pharmaceutical ingredients business and the API facilities at Aurangabad in Maharashtra.
Indian shares retreated for the fourth consecutive session on Wednesday, with the broader Nifty index hitting a 3-week low, as lackluster global cues and a political war between ruling Congress party and the main opposition Bharatiya Janata Party over irregularities in the allotment of coal mines dampened investor mood. The BSE Sensex fell about 0.8 percent, while the broader Nifty index slid 0.9 percent.
by RTT Staff Writer
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