Mumbai: Indian stocks fell, paring the weekly gain on the benchmark index. Wipro led the drop after reporting quarterly sales that missed analysts' estimates.
Wipro, the nation's third-biggest software services provider, sank the most in three months. Larger rival Infosys Technologies, which last week reported lower-than-estimated earnings, dropped 1.6 per cent.
BHEL and RIL gain
Bharat Heavy Electricals Ltd (BHEL), the largest power-equipment maker, gained after its third-quarter profit climbed 31 per cent, while Reliance Industries Ltd (RIL) rose ahead of its earnings report late last night.
The Bombay Stock Exchange's Sensitive Index, or Sensex, lost 39.50, or 0.2 per cent, to 19,007.04, trimming the week's gain to 0.8 per cent.
The measure slid 4.2 per cent in the previous five days to end 10 per cent below a November 5 record, a slump signifying a so-called correction to some investors and analysts.
Stocks fell amid concern rising prices will erode profit growth and prompt the central bank to raise interest rates at a policy meeting next week.
Companies on the Sensex are valued at an average 18 times estimated earnings, down from last year's March high of 21.5 times, according to data compiled by Bloomberg.
The S&P CNX Nifty Index on the National Stock Exchange dropped 0.3 per cent to 5,695.95.
The BSE 200 Index retreated 0.1 per cent to 2,355.32.
