Indian share prices fell 0.57 percent in choppy trade on Thursday after the US Federal Reserve cut interest rates, as record high global oil prices raised concerns, dealers said. They said investors locked in gains in stocks which had risen sharply in the quarterly earnings season.
The benchmark 30-share Mumbai Sensex index fell 113.64 points to 19,724.35, off the day's high of 20,204.21. "The markets cheered the US Fed rate move on expectation of inflows, but lost ground later on profit booking. Barring high oil prices, we do not see many concerns going ahead," said Atul Mehra, capital markets head with brokerage JM Financial.
Asian stocks also shed most morning gains after opening strong to the Fed rate cut. The Fed cut its short-term federal funds interest rate saying it had acted amid fears that US economic growth will likely slow in coming months.
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