Stocks | Thu Jan 31, 2013 1:39pm IST

MARKET EYE-Indian shares fall; ICICI bank slips

* The BSE index and the 50-share NSE index fall 0.4 percent each. * ICICI Bank Ltd shares fall 1.3 percent, after earlier hitting its highest since Nov. 16, 2010, on profit-taking after the private sector bank posted a forecast-beating 30.2 percent rise in third quarter net profit. * ICICI bank shares have risen 6.5 percent this month as of Wednesday's close on hopes of rate cut and better earnings. * However, state-owned banks, which have cheaper valuations than private sector peers, rally after reporting improved asset quality in the October-December quarter. * Punjab National Bank shares gain 6.5 percent, while Union Bank of India shares are up 5 percent after their earnings results. (;