* NSE, BSE indexes down as much as 0.4 pct
* Financials contribute most to losses
By Samantha Kareen Nair
March 3 Indian shares fell as much as 0.4
percent on Friday and were headed for their first weekly fall in
six as investors booked profits after a rally that lifted the
benchmark indexes to near two-year highs in the previous
The fall in Indian stocks was in line with their Asian peers
as expectations of a U.S. interest rate hike weighed on
"The decline in the indexes is not surprising. It was
expected that some profit-booking would take place and that is
what we're seeing now," said Gaurang Shah, vice president,
Geojit Financial Services.
"Some caution can also be expected ahead of the state
election results," he said. Results of five state elections,
including the key state of Uttar Pradesh, are expected at the
end of next week.
The broader NSE index was down 0.2 percent at
8,878.95 at 0555 GMT, while the benchmark BSE index was
0.2 percent lower at 28,777.28.
Both indexes touched their highest since March 2015 in the
They were set to snap a five-week gaining streak, with NSE
down 0.7 percent for the week and BSE losing 0.4 percent.
Financials were down, with the Nifty Financial Services
index falling as much as 1 percent. Bajaj Finserv
and Housing Development Finance Corp fell
more than 2 percent.
The Nifty Auto index declined after rising in
the last two sessions. Bajaj Auto was down 0.6 percent
after gaining as much as 2.3 percent in the previous two
Apollo Hospitals Enterprise Ltd fell as much as
5.3 percent after a unit of Malaysian sovereign fund Khazanah
launched a block deal to sell $160 million worth of shares in
Among the gainers, Hindalco Industries Ltd rose
after the company said it would raise $500 million in a share
offering to repay its debt.
Reliance Industries rose as much as 4.1 percent to
its highest since May 2008 underpinned by hopes over its telecom
unit, Jio, with CLSA citing optimistic assessment provided by
the company at an analyst meeting.
(Reporting By Samantha Kareen Nair in Bengaluru; Editing by