Indian shares slip in special Diwali trading session

Tue Nov 13, 2012 5:41pm IST

Related Topics

* Benchmark Sensex falls 0.3 pct in special session

* Major blue chips drag down index

* Monday's data shows shock contraction in industrial output

MUMBAI, Nov 13 (Reuters) - India's main stock indexes fell for a fourth consecutive day in Tuesday's short Diwali trading session as banks and automotive stocks fell a day after data showed a surprise contraction in the country's industrial output.

In the annual session to celebrate the Hindu festival of lights, which typically sees stocks gain as Indians view it as a lucky day to make purchases, major blue-chip stocks dragged down the benchmark index 0.3 percent.

State Bank of India, the country's largest lender, fell 0.9 percent to 2,171.35 rupees ($40), while rival HDFC Bank shed 0.7 percent to end at 647.05 rupees. Tata Motors , the country's biggest automaker, closed 1.1 percent lower at 277.55 rupees.

India's economic gloom deepened on Monday with an unexpected fall in industrial production, a slump in exports and higher retail inflation, putting pressure on the government to push ahead with reforms as growth stalls.

DLF fell 1.3 percent to 202.85 rupees, a day after India's largest developer posted a 63 percent fall in net profit for the July-September quarter on slowing home sales.

Shares in L&T Finance Holdings Ltd, a unit of infrastructure giant Larsen & Toubro, surged 16.1 percent, continuing a strong run of gains, on hopes it will benefit from a fresh allocation of banking licences.

The BSE index closed down at 18,618.87 points, after falling 1.2 percent over the previous three sessions.

The 50-share NSE index also fell 0.3 percent.

Trading will resume on Thursday, a day after India is set to release data for October wholesale price inflation.

($1 = 54.9700 Indian rupees) (Reporting by Henry Foy; Editing by Subhranshu Sahu)

FILED UNDER:
Photo

After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.

Earnings Season

Reuters Showcase

Obama In India

Obama In India

In parting shot, Obama prods India on religious freedom.  Full Article 

Market Rally

Market Rally

Sensex, Nifty hit record high for fifth straight session.  Full Article 

Restructuring

Restructuring

Max India to be split into three separate companies.  Full Article 

India’s Male Tenor

India’s Male Tenor

India’s lone male tenor wants to ‘Indianise’ opera  Full Article 

Indian Equities

Indian Equities

Hornbill raising $250 mln to invest in equities - partner.  Full Article 

Ratings Downgrade

Ratings Downgrade

S&P downgrades Russia's sovereign credit rating to "junk".  Full Article 

Facebook Outage

Facebook Outage

Facebook takes blame for service outages, which hit wider Web.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage