Market chat: Investors look indecisive as Sensex trades flat
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Indian stocks declined for a third day, led by metal companies, amid a global selloff after a China factory gauge unexpectedly fell to a six-year low.
Tata Steel Ltd slid to one-month low, while Vedanta Ltd extended this year’s loss to 58%. Oil and Natural Gas Corp. retreated for a third day and ICICI Bank Ltd declined to a two-week low. Bharti Airtel Ltd was poised for the longest four-day losing run in a month.
The S&P BSE Sensex gained 0.05%, or 13.18 points, to 25,665.02 at 11:55am, extending Tuesday’s 2.1% drop, which was the steepest in two weeks. A preliminary Chinese manufacturing gauge plunged to the lowest level since the depths of the global financial crisis, sending the MSCI Asia Pacific ex-Japan Index down 2.5%. Foreigners pulled$2.6 billion from Indian equities last month, the most since October 2008, as demand cooled for riskier assets.
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