Indian shares drop by 1.01 percent

Indian shares drop by 1.01 percent

Thursday, 24 May 2007, 07:00 Hrs
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Mumbai: The downward trend in Indian shares continued for the second day Thursday, with banking sector stocks and blue-chip equities dragging a key index down by 1.01 percent.

The 30-share benchmark Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) closed 145.15 points or 1.01 percent down at 14,218.11, with 20 of its component stocks trading in the red.

The broader 50-issue National Stock Exchange (NSE) index, Nifty, was down 41.30 points or 0.97 percent at 4,204.90.

Pulling the Sensex down were top steel producer Tata Steel, down 4.14 percent at 631.60, followed by top private energy producer Reliance Energy, down 3.38 percent at 551.15, leading private sector telecom service provider Reliance Communications, down 3.28 percent at 493.75.

Index heavyweight Reliance Industries, state-run lender State Bank of India, its private sector rivals ICICI Bank and HDFC Bank, top engineering and construction company Larsen & Toubro, drug major Ranbaxy Laboratories, cement major ACC, and housing finance company HDFC were the other major index shares that traded in the red.

Technology, capital goods and power generation stocks lent little support to the falling market.

State-run thermal energy producer NTPC led the index gainers, going up 4.30 percent at 162.35, followed by top consumer goods producer Hindustan Lever, up 1.14 percent at 201.25 and fourth largest software exporter Satyam Computers, up 0.83 percent at 456.00.

Multi-utility vehicle maker Tata Motors, software exporter Infosys Technologies and leading cement producer Gujarat Ambuja Cements were the other major gainers.
Source: IANS
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