Blue chips apply brakes to rally in Indian stocks


Mumbai : Dragged down by blue chip stocks following weakening Asian markets, a leading Indian stock market index Wednesday closed 0.66 percent lower after two consecutive days of gains.

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The 30-share benchmark Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) fell 93.83 points or 0.66 percent to close at 14,411.38 points in choppy trading. Only seven of the Sensex components traded in the green.

After hitting a record high this week, the broader 50-issue National Stock Exchange index, Nifty, was down 43 points or 1.02 percent to close at 4,249.65.

Leading the major index losers were leading private telecom service producer Reliance Communications, down 3.79 percent at Rs.501.45, followed by private sector energy producer Reliance Energy, down 3.71 percent at Rs.534.70 and second largest private lender HDFC Bank, 3.56 percent at Rs.1,104.65.

Third largest software exporter Infosys Technologies was down 2.42 percent at Rs.1,904.30 losing Rs.47.30 over its last trade. Top carmaker state-run Maruti Udyog was down 2.10 percent at Rs.802.90.

Top construction and engineering firm Larsen & Toubro surged ahead, up 7.39 percent at Rs.1,993.65 emerging as the biggest Sensex gainer of the day, followed by two-wheeler maker Hero Honda, up 7.39 percent at Rs.1,993.65 and leading housing finance company HDFC, up 1.08 percent at Rs.1,833.00.

Top two- and three-wheeler maker Bajaj Auto, cement major Gujarat Ambuja Cements, leading lender, state-run State Bank of India and top multi-utility vehicle maker Tata Motors were the other shares that traded in the green.