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Markets drop 0.4%; Infosys, Sterlite down

Markets drop 0.4%; Infosys, Sterlite down
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First Published: Tue, Jun 22 2010. 10 13 AM IST
Updated: Tue, Jun 22 2010. 10 13 AM IST
Mumbai: Indian shares eased 0.4% on Tuesday as investors took a breather after a 5.5% rally over three weeks. Infosys Technologies and Sterlite Industries led the decline.
“Investors are booking profits after the recent rally,” said Kunal Sukhani, manager of institutional equities at brokerage Asian Markets Securities.
“The trend should continue ahead of expiry on Thursday,” he said, referring to the monthly derivative contracts on the National Stock Exchange.
By 10:28am, the 30-share BSE index was trading down 0.42% at 17,801.47 points, after rising to a 2-month closing high in the previous session. The 50-share NSE index was down 0.4% at 5,332.85.
Two-third of its components were trading in the red.
Traders said the market was following the trend in other Asian bourses that retreated as investors took profits from a rally spurred by China’s weekend decision to give its currency more flexibility.
Foreign funds have bought shares worth $1 billion so far in June, after withdrawing $2 billion last month.
Infosys, the country’s No. 2 software services firm, was down 0.9% after rising 2.4% over previous four sessions. Tata Consultancy Services and Wipro were down 1.1% and 1.3% respectively.
Metals stocks pulled back after the bounce on Monday. Non-ferrous metals producer Sterlite Industries and aluminium maker Hindalco dropped 2.5% and 2.5% respectively.
Tata Steel the world’s eighth largest steelmaker, was down 1.4%.
The BSE metal index shed 1.6% after jumping 5.2% on Monday. In the broader market, gainers and losers were almost equal in number on volume of 130 million shares.
STOCKS
Yes Bank was down 3.1% at Rs273.10, after a source told Reuters Dutch lender Rabobank sold about 11% in the private sector bank.
MTNL was up 2.8% at Rs65.50 after the Financial Express said Reliance Industries was in initial talks with the state-run telecom firm to market its 3G services as a franchisee.
Cox and Kings India rose 2.7% to Rs508.60 after a senior official said the travel operator was seeking shareholder approval to raise up to Rs2000 crore via equity and debt to fuel its growth plans including domestic and overseas acquisitions.
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First Published: Tue, Jun 22 2010. 10 13 AM IST
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