Indian shares snap 4-day winning streak; Parliament vote key
* BSE index falls 0.18 pct; NSE ends 0.15 pct lower * Retail stocks buck the trend * Aviation shares gain on speculation over potential stake sale By Abhishek Vishnoi MUMBAI, Dec 3 (Reuters) - India's main indexes fell on Monday, retreating from 19-month highs, as recent outperformers such as HDFC Bank were hit by profit-taking on worries over parliament's impending vote on foreign direct investment in multi-brand retail. However, shares in organised retailers such as Pantaloon Retail India Ltd rose on speculation over the outcome of Tuesday's vote. Dealers say the probability of a December rally will increase if the vote goes in favour of the ruling Congress-led alliance. If not, the newfound optimism around recently announced reform measures is seen petering down. "If the FDI vote goes through, it will trigger another round of rally in the markets," said V.K. Vijayakumar, investment strategist at Geojit BNP Paribas. If FDI in retail is cleared then the government will be in a position to initiate a large number of other reforms, including insurance and pension, he added. The BSE index fell 0.18 percent, or 34.58 points, to end at 19,305.32 after gaining 4.5 percent in the previous four sessions. The broader NSE index fell 0.15 percent, or 8.90 points, to end at 5,870.95, finding resistance near the psychologically important 5,900 level. HDFC Bank Ltd fell 2.4 percent on profit-taking after its shares rose 6.35 percent in the previous three sessions. Among other recent outperformers, telecoms operator Bharti Airtel also fell 1.8 percent after gaining 8.6 percent in the previous three sessions. Stocks considered defensive such as ITC Ltd fell as traders pared positions in favour of other sectors. ITC fell 0.8 percent, while Hindustan Unilever Ltd ended 0.3 percent lower. Among stocks that gained, retailer Pantaloon gained 9.5 percent ahead of the vote in parliament. Shares in India's Jet Airways rose 5.2 percent after a report in Mint newspaper said the airline will soon seek regulatory approval to tweak its ownership pattern to facilitate a stake sale to Etihad Airways. Shares in Maruti Suzuki India Ltd, India's largest car maker, rose 1.1 percent after November sales grew 12.5 percent on year to 103,200 units, sustaining the recovery in sales witnessed in October. Utility vehicle maker Mahindra & Mahindra also rose 1.1 percent after the company reported an 18 percent rise in November sales. For additional stocks on the move double click FACTORS TO WATCH * Euro hits 3-week high against Swiss franc * Oil steadies around $111 on signs of China growth revival * Euro, shares rise on signs of Chinese growth * Foreign institutional investor flows * For closing rates of Indian ADRs ASIA-PACIFIC STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... OTHER MARKETS: Wall Street .... Gold ....... Currency.. Eurostocks..... Oil ........ JP bonds... ADR Report ..... LME metals. US bonds.. Stocks News US.. Stocks News Europe DIARIES & DATA: Indian Data Watch Asia earnings diary U.S. earnings diary European diary Indian diary Wall Street Week Ahead Eurostocks Week Ahead TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Technology news Telecoms news Media news Banking news Politics/General Asia Macro data <ECONASIA (Additional reporting by Manoj Dharra; Editing by Prateek Chatterjee)
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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.
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India's largest carmaker Maruti Suzuki India Ltd posted a smaller-than-expected rise in profit for the third quarter, hit by one-off items including a jump in advertising costs, a higher tax rate and lower income from investments. Full Article | Full coverage