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Sensex falls 0.5% on weak world stocks

Sensex falls 0.5% on weak world stocks
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First Published: Fri, Nov 12 2010. 11 43 AM IST
Updated: Fri, Nov 12 2010. 11 43 AM IST
Mumbai: Shares shed 0.1% in choppy trade on Friday and seemed on course to end the week lower, weighed by weak Asian peers.
Investors awaited September industrial output data due at 11:00am for directional cues.
DLF fell 2.5% after Credit Suisse downgraded the real estate firm to underperform from neutral, citing continued weak operating performance in the September quarter.
At 10:27am, the 30-share BSE index was down 0.08% at 20,571.46 points, with half of its components declining. It is down 2.1% so far this week. The 50-share NSE index was down 0.1% at 6,190.15 points.
“We are trading lower as Asian stocks are in the red. But FII (foreign institutional investors’) interest if strong. So, there is nothing much to worry for now,” said Kunal Sukhani, manager of institutional equities at Asian Markets Securities.
“Let us see how IIP (index of industrial production) data turns out to be.”
Robust foreign fund inflows of $28.5 billion year to date into Indian equities have helped the benchmark index gain 17.7% in the period.
Annual industrial output growth in Asia’s third-largest economy probably rose to 7% in September from the previous month, a median forecast of 27 economists showed in a Reuters poll.
Tata Steel, the world’s seventh-largest steelmaker by output, shed 0.5% and private sector utility Reliance Power dropped 0.2%, ahead of their September quarterly earnings announcement.
Infrastructure firm Reliance Infrastructure and top private sector utility Tata Power gained 0.5% each ahead of their July-September results.
In the broader market, gainers led losers in a ratio of 1.7:1 on volume of 148 million shares.
Elsewhere, the MSCI’s measure of Asian markets other than Japan was down 1.1%, while Japan’s Nikkei fell 0.9%.
STOCKS
NESCO rose 6.6% to Rs613.55 after the company said its board approved a 10-for-1 stock split.
Parsvnath Developers jumped 5.5% to Rs69.15 after a spokesman said the realtor won the bid for a 38.3-acre (15.5 hectares) land in New Delhi auctioned by Rail Land Development Authority for Rs1651crore.
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First Published: Fri, Nov 12 2010. 11 43 AM IST
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