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Indian stocks register record slide in 2 months
MUMBAI: Indias benchmark stock index fell the most in two months, snapping a four-day rally that drove it to a two-year high, as investors judged gains outpaced the outlook for earnings growth.
Tata Motors Ltd dropped the most in two weeks while Hindalco Industries Ltd had its steepest decline in two months.
The Bombay Stock Exchanges Sensitive Index, or Sensex, retreated 255.62, or 1.4 percent, to 17,714.40, its steepest decline since Feb 5. The S&P CNX Nifty Index on the National Stock Exchange lost 1.3 percent to 5,304.45. The BSE 200 Index declined 1.2 percent to 2,230.91. The Sensex has gained nine percent since Finance Minister Pranab Mukherjee on Feb 26 pledged to trim the fiscal deficit from a 16-year high and boost funds for roads, bridges and power projects needed to sustain economic growth.
Tata Motors fell 2.2 percent to 778.05 rupees. Still, the shares have gained 17 percent from their lowest level this year on Feb 25. The Sensex trades at 17 times estimated earnings from 12 times a year ago, data compiled by Bloomberg showed. Hindalco Industries Ltd slid 4.4 percent to 176.5 rupees. Tata Steel Ltd declined 2.1 percent to 671.25 rupees. The London Metals Index, a measure of six metals including copper fell 0.6 percent yesterday.
The following were among the most active on the exchange: Elecon Engineering Co climbed 1.8 percent to 79.15 rupees
and Kingfisher Airlines Ltd jumped 3.2 percent to 49.95 rupees. courtesy bloomberg
Daily Times - Leading News Resource of Pakistan
MUMBAI: Indias benchmark stock index fell the most in two months, snapping a four-day rally that drove it to a two-year high, as investors judged gains outpaced the outlook for earnings growth.
Tata Motors Ltd dropped the most in two weeks while Hindalco Industries Ltd had its steepest decline in two months.
The Bombay Stock Exchanges Sensitive Index, or Sensex, retreated 255.62, or 1.4 percent, to 17,714.40, its steepest decline since Feb 5. The S&P CNX Nifty Index on the National Stock Exchange lost 1.3 percent to 5,304.45. The BSE 200 Index declined 1.2 percent to 2,230.91. The Sensex has gained nine percent since Finance Minister Pranab Mukherjee on Feb 26 pledged to trim the fiscal deficit from a 16-year high and boost funds for roads, bridges and power projects needed to sustain economic growth.
Tata Motors fell 2.2 percent to 778.05 rupees. Still, the shares have gained 17 percent from their lowest level this year on Feb 25. The Sensex trades at 17 times estimated earnings from 12 times a year ago, data compiled by Bloomberg showed. Hindalco Industries Ltd slid 4.4 percent to 176.5 rupees. Tata Steel Ltd declined 2.1 percent to 671.25 rupees. The London Metals Index, a measure of six metals including copper fell 0.6 percent yesterday.
The following were among the most active on the exchange: Elecon Engineering Co climbed 1.8 percent to 79.15 rupees
and Kingfisher Airlines Ltd jumped 3.2 percent to 49.95 rupees. courtesy bloomberg
Daily Times - Leading News Resource of Pakistan