Indian shares snap 2-day gains; rate sensitive stocks fall
MUMBAI Jan 16 (Reuters) - Indian shares fell on Wednesday snapping two days of gains, led by declines in rate sensitive stocks, such as ICICI Bank, after the central bank chief was reported by media as saying inflation was "still quite high", denting hopes of a 50 basis points rate cut this month.
ICICI Bank Ltd provisionally fell 2.2 percent, while State Bank of India ended 2.6 percent lower.
The BSE index provisionally fell 0.95 percent, while the 50-share NSE index ended down 0.97 percent. (Reporting by Abhishek Vishnoi; Editing by Anand Basu)
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The BSE Sensex on Tuesday breached the psychologically key level of 27,000 points for the first time to hit its third consecutive record high as blue-chips such as HDFC Bank gained after recent data raises hopes about the economy. Full Article