Business | Markets
Indian shares decline on US economic woes
Indian shares snapped a three-day winning streak and eased 0.5 per cent on Monday, led lower by Reliance Industries, after renewed worries about the US economy and a rebound in oil prices doused optimism about a nuclear deal.
- Reuters
- Published: 23:25 August 4, 2008
Bangalore: Indian shares snapped a three-day winning streak and eased 0.5 per cent on Monday, led lower by Reliance Industries, after renewed worries about the US economy and a rebound in oil prices doused optimism about a nuclear deal.
Traders said they expected the market to be range-bound in the short term with an upward bias, but a drop in world markets ahead of major central banks' rate reviews was a concern.
Top listed firm Reliance Industries fell 2.5 per cent to Rs2,242.50 as investors locked in profits after the stock had risen more than 10 per cent in the previous three sessions.
The main 30-share BSE index ended down 0.54 per cent, or 78.82 points, at 14,577.87, with 16 components losing ground. It rose as much as 0.5 per cent and fell one per cent in a see-saw trade during the day.
Investors were cautious after the index gained 2.7 per cent last week. The benchmark is down 28 per cent in 2008.
"The market should move within a range with an upward bias in the short term and I don't see a major downside from this level," said Dipak Acharya, a fund manager with BoB Asset Management Company.
Market: Dow Jones indices
Dow Jones will launch two new indices, the Global Dow and a blue-chip index for India, News Corp. chairman and chief executive Rupert Murdoch announced on Monday in Mumbai.
The Global Dow will track the performance of a diverse basket of stocks, including companies from emerging markets, like India, and emerging industries, like alternative energy.
- AP
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