BSE Sensex down; Power Grid; Coal India decline
The BSE Sensex edged 0.4 percent lower on Monday, on profit-taking after it rose near its all-time intra-day high in early trade.
State-run Power Grid Corp fell nearly 6 percent after the electricity transmission utility fixed the price band for its up to USD 1.7 billion share sale at a 12-17 percent discount to its Friday closing.
Meanwhile, state-run Coal India which made a spectacular debut last week, dropped as much as 5.6 percent, as traders locked in gains.
At 10:39 am, the 30-share BSE index was down 0.42 percent at 20,915.83 points, with 22 of its components declining.
“It is just the usual profit-booking after we see a rise to a level like that. Nothing really has changed though,” said Kunal Sukhani, manager of institutional equities at Asian Markets Securities.
The benchmark stock index rose as much as 0.6 percent to 21,075.71, and was only around 130 points short of an all-time high.
For the week ended November 5, foreign funds preferred Indian shares among Asian stocks with a net investment of USD 1.8 billion, data from Nomura showed.
Top lender State Bank of India was down 1.5 percent ahead of its September quarter earnings announcement.
A poll expects SBI to report a 22 percent rise in their July-September net profit at 30.3 billion rupees.
Software majors declined after rising for all sessions so far in November. The sector index was trading 0.8 percent lower but was still up 2.5 percent this month.
Leading outsourcers Tata Consultancy Services Infosys Technologies and Wipro were down between 0.9 percent and 1 percent.
In the broader market, losers led gainers by a ratio of 1.2:1 on volume of 136 million shares.
The 50-share NSE index was down 0.4 percent at 6,288.80.
Elsewhere, the MSCI’s measure of Asian markets other than Japan was down 0.2 percent, while Japan’s Nikkei rose 0.9 percent.