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India's key index fell for a third straight session on Friday on nagging worries about oil prices and inflation and a weaker global trend for equities.
Bonds were lifted by a central bank move, which will allow banks more flexibility in managing their funds, though traders expected the relief from interest rate worries to be temporary.
The 30-share Mumbai Stock Exchange index slipped 0.72 percent to 5,102.92 points, a near-three-week closing low. It has slipped 2.8 percent in the last three sessions, and ended 1.8 percent lower on the week.
"Oil prices are obviously a huge concern, but the index has held up relatively well because the undertone is still firm," said Mitesh Mehta, a vice president at LKP Shares.
"The response to the TCS issue and today's sale of Bharti shares show there is still a lot of foreign investor interest."
Global private equity fund Warburg Pincus sold a 3.35 percent stake in Bharti Tele-Ventures Ltd, India's No. 2 mobile services provider, in a deal worth 9.6 billion rupees ($208 million). Bharti shares fell 5 percent to 150.60 rupees.
Tata Consultancy Services Ltd (TCS), India's No. 1 software services exporter, raised $1.17 billion last week in an initial public offer. TCS is due to list its shares on the market later this month, and $450-$500 million of foreign money was set to flow into India on Friday as overseas funds pay for their stakes.
One-day repos allow banks more flexibility in managing money and reduce the chance of temporary fund mismatches, which boosted yields on Thursday. The benchmark 10-year yield eased to 6.5247 percent from Thursday's 6.6519 percent. Concerns over a high inflation rate lingered, however, and was expected to keep the market weak.

Copyright Reuters, 2004

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