- Bharti Airtel, Sesa Sterlite, Ranbaxy Laboratories, more: 10 Indian stocks to watchBSE Sensex trims initial gains, still up 96 ptsBSE Sensex on track to snap losing streak, Maruti Suzuki share price soars 9 pctRaghuram Rajan: RBI rate hike not for cushioning emerging market contagion
Markets continued to decline for the fourth day as BSE Sensex closed marginally in the red territory. The 30-share index was down 0.18% or 36.21 points lower at 20,647.30 points.
Earlier, BSE Sensex had gained as much as 0.7% as Turkey's decision to hike interest rates stirred hopes that the move would stem the sell-off being seen in emerging markets. On Tuesday, Reserve Bank of India (RBI) decided to raise its repo rate by 25 basis points.
Among sectoral indices, BSE Metal Index was down 1.35%, BSE Realty Index was down 0.58% and BSE Consumer Durables Index was down 0.7%. Among individual stocks, Sesa Sterlite (-3.05%), Tata Steel (-2.21%) and Hindalco Industries Ltd (-1.8%) were the biggest losers on the Sensex. Maruti Suzuki India (7.11%), Bharat Heavy Electricals Ltd (BHEL) (3.86%) and Hero Motorcorp (2.85%) were the top gainers.
Meanwhile, most Asian indices were in the green. KOSPI (1.26%), Jakarta Composite (1.74%), Shanghai Composite (0.56%) and Hang Seng (0.82%) traded higher. Meanwhile, Straits Times was down 0.47%.
FIIs have net bought about $75 million worth of Indian shares in January but experts suggest the pace of buying is slowing down. Industry watchers believe that fears of a more aggressive cut in quantitative easing loom, which might impact FII flows to emerging markets such as India.
On Wednesday, the Dow Jones Industrial Average had ended up 0.57%, while Nasdaq Composite was up 0.35%
* BSE index falls 0.18 pct; NSE ends 0.1 pct lower
* ICICI Bank drags; CEO says bad loans to continue in coming quarters
* Bharti falls on India voice, Africa margins
* Maruti Suzuki rebounds; selloff seen as overdone
NSE Nifty index marks 2-month closing low; Fed key
(Reuters) India's NSE index fell for a fourth consecutive session on Wednesday to its lowest close in two months as banks were hit after biggest Indian private lender ICICI Bank said bad loans had risen and it would set aside more funds.
Indian banks had already fallen 0.3 percent on Tuesday after the Reserve Bank of India surprised investors by raising interest rates for the third time in five months to contain inflation.
The hike in rates did help boost the rupee at a time