Indian share prices closed 0.21 percent lower Wednesday in low-volume trade a day after the central bank raised its economic growth forecast and ahead of the Hindu festival of Diwali next week, dealers said.
The Mumbai stock exchange's 30-share Sensex slipped 17.05 points to close at 7,974.69 with a below average 23.84 billion rupees (529 million dollars) in turnover as 1,274 stocks gained and 1,140 declined.
"Investors are cautious ahead of two holidays for the Diwali festival next week and they also booked profits after sharp gains seen Tuesday following the central bank's monetary policy," said a dealer with a leading domestic brokerage.
Indian stock markets will be closed on November 3 and 4 for Diwali, known as the festival of lights.
The stock market had posted significant gains Tuesday after the Reserve Bank of India (RBI) raised its economic growth forecast for the year ended March 2006 to 7.0-7.5 percent from an earlier forecast of seven percent.
Government-owned State Bank of India, the country's largest bank, closed flat at 884.55 rupees.
Pharma companies gained with Cipla up 7.45 rupees or 2.03 percent to 374.50, and Ranbaxy 13.10 rupees higher or 3.80 percent to 375.50 on news that the Indian government may permit them to make a generic version Swiss-based Roche's Tamiflu to counter bird flu.
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