to their lowest close in a week on Wednesday, with banking
stocks weakened by a low rollover rate of expiring futures
contracts and telecom shares giving up some of their recent
gains.
The benchmark 30-issue BSE index ended 70.02
points lower at 14,431.06, with 20 components losing ground, to
be 2 percent below its record high of 14,723.88 hit in
February.
"We are approaching the futures and options clearing tomorrow
and that is why the market is having such jitters," said
Gajendra Nagpal, CEO at New Delhi-based Unicorn Financial
Intermediaries.
"There is no immediate trigger in the market and we have to
wait for next month's corporate earnings for some action."
Indian futures contracts expire on the last Thursday of
every month. Traders said banking stocks were sold because
holders were slow to roll over postions in their futures
contracts compared to those of the broader market.
Top private lender ICICI Bank Ltd. (ICBK.BO: Quote, Profile, Research) fell 0.8
percent to 938.35 rupees, its lowest close in three weeks,
while State Bank of India (SBI.BO: Quote, Profile, Research) eased 0.7 percent to
1,447.20 rupees. The 50-issue NSE index fell 0.51
percent to 4,266.95, and analysts said short positions had
built in the July futures contract NIFc2 as investors worried
over weak global cues.
Second-ranked mobile provider Reliance Communications Ltd.
(RLCM.BO: Quote, Profile, Research) fell 2.05 percent to 514.95 rupees, largely on profit
taking after it posted a record close on Tuesday, traders said.
Top mobile firm Bharti Airtel Ltd. (BRTI.BO: Quote, Profile, Research) slipped 1.3
percent to 839 rupees. The stock had risen 2 percent on Tuesday
to its highest close in more than a month.
Software service exporters, which have been under pressure
from the gains in the rupee this year, rose as the rupee
end of its rough range since hitting a nine-year high of 40.28
in late May.
Top software services firm Tata Consultancy Services Ltd.
(TCS.BO: Quote, Profile, Research) rose 0.9 percent to 1,133 rupees, after it had closed
at its lowest in more than six months on Tuesday, and
second-ranked Infosys Technologies Ltd. (INFY.BO: Quote, Profile, Research) gained 0.7
percent.
In the broader market, 1,348 losers beat 1,255 gainers on
volume of more than 236 million shares.
For technical analysis by Reuters, please double-click on
www.reutersindia.com.
A Reuters poll of 14 brokerages showed the BSE index may
rise to a median of 15,520 points by end-2007 and to 16,000
points by middle of 2008. For details, please double-click
EQUITYPOLL23.
Elsewhere, Karachi's 100-share index ended at record close
of 13,669.03 points, after hitting a life high of 13,682.78
during trade. Colombo's All-Share index .CSE fell 0.07
percent to 2,570.47.
STOCKS THAT MOVED
* Debutant Nelcast Ltd. (NLCA.BO: Quote, Profile, Research) closed at 206.25 rupees,
lower than its issue price of 219 rupees a share.
* Motor Industries Co. Ltd. MICO.BO fell 4.3 percent to
4,485.65 rupees after its parent, Robert Bosch GmBH [ROBG.UL],
raised its open offer price for an additional 20 percent stake
in the company by 15 percent to 4,600 rupees a share.
[nBOM214778].
* Drug maker FDC Ltd. (FDC.BO: Quote, Profile, Research) lost 4.8 percent to 32.70
rupees after it said January-March net profit fell 43 percent
from a year earlier to 43.2 million rupees.
MAIN TOP 3 BY VOLUME
* IFCI Ltd. (IFCI.BO: Quote, Profile, Research) on 18.1 million shares.
* Reliance Petroleum Ltd. (RPET.BO: Quote, Profile, Research) on 7.9 million shares.
* Nelcast on 6.1 million shares.
FACTORS TO WATCH
* Indian rupee eases on risk aversion, oil demand
[INR/]
* Indian bond yields rise as cash seen tighter
[IN/]
* FOREX-Risk wary investors buy yen, sell high-yeilders
[FRX/]
* Oil slides below $70 ahead of U.S. fuel data
[O/R]
* GLOBAL MARKETS-Asia stocks fall on US economy fears,yen
rises [MARKETS/AS]
* US stocks set for mixed start, mortgages in focus
[.N]
* ADR Report- ADRs up on ABN AMRO, pharmaceutical gains
[ADR/]
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