Warren Buffett“A public opinion poll is no substitute for thought.”
Adlin Sinclair“Success is a welcomed gift for the uninhibited mind.”
Indian stocks close down 0.71 percent (AFP)
MUMBAI (AFP) –
Indian stocks fell 0.71 percent on Monday, their third straight day of losses, on growing concerns that the central bank could raise interest rates soon to tackle rising inflation, dealers said.
The 30-share benchmark Sensex ended the day 118.63 points lower at 16,601.2.
Rate-sensitive auto, property and metal stocks fell as overseas funds sold ahead of the holiday season.
this year which have pushed the Sensex up nearly 72 percent. The Sensex has more than doubled since March.
“The markets could move in a narrow range and consolidate due to the year-end holidays across most regions,” said a dealer at Jamnadas Morarjee Securities.
Recent official figures showed India's economy grew by 7.9 percent in the fiscal second quarter, the best performance in 18 months, on the back of
.
Losers led gainers 1,544 to 1,273 on low turnover of 38.59 billion dollars (823 million dollars).
The rupee was flat against the dollar at 46.85 but rose against the euro to 67.12 from 67.36.
HDFC Bank fell 10.5 rupees or 0.63 percent to 1,654.4, on worries about a hike in interest rates.
's top property firm DLF fell 7.7 rupees or 2.15 percent to 350.45.
fell 5.5 rupees or 4.02 percent to 137.15.
Tata Motors, India's biggest vehicle maker by sales, fell 6.45 rupees or 0.88 percent to 726.3 and the largest passenger carmaker Maruti Suzuki India lost 23.05 rupees or 1.55 percent to 1,524.5.