Indian Stocks Drop for Second Day as Metal Makers Decline
(Bloomberg) -- Indian shares dropped for a second day, pulled down by metal producers.
The S&P BSE Sensex, which closed at a two-year high on Monday, slipped 0.3 percent, led by Tata Steel Ltd., which fell to its lowest level in more than two weeks. National Aluminium Company Ltd. declined the most in over two months while mineral explorer NMDC Ltd. dropped the most since November. State Bank of India, the largest bank by assets was the top performer on the gauge rising 0.8 percent.
| Index | Change | Size & Scope |
|---|---|---|
| BSE Sensex | -0.3% | Second day of decline |
| BSE Metals | -1.9% | Lowest in over two weeks |
| BSE Realty | -1.4% | One-week low |
"The market is trading in a range ahead of the key events of state election results over the weekend and the U.S. Fed rate-setting meeting next week,” said Giriraj Daga, a fund manager with Mumbai-based K S Visaria Family Trust. “Investors have priced in the risk associated with it and we don't expect to see a more than 1-2 percent move either way.”
The market is expected to stay rangebound ahead of the election results in key states on March 11 and also the U.S. Federal Reserve's rate-setting meeting next week, Daga said.
Summary
* Kotak Mahindra Bank rises 1% to close at its highest level since the stock was listed in 1995; Canadian pension fund Caisse said to be in talks to buy stake in bank
* Alembic Pharmaceuticals Ltd +2.7%, Natco Pharma Ltd. +2.4%; India court allows API Export for R&D
* Gujarat Fluorochemicals Ltd. +5.7%; units to sell most wind projects to Leap Green Energy
To contact the reporter on this story: Nupur Acharya in Mumbai at nacharya7@bloomberg.net.
To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Todd White
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