Indian shares fell 0.31 percent on Monday, snapping a six-day rally as investors took profits with the markets at a 15-month high, dealers said. The benchmark 30-share Sensex index fell 50.11 points to 16,214.19. The markets opened weak and remained sluggish, as Asian and European markets fell. Consumer durable, telecom and metal stocks were hardest hit.
The markets had risen 5.6 percent in the previous six days, boosted by better-than-expected industrial output data and a pickup in monsoon rains. Last week's output data beat market forecasts, climbing for a seventh month in a row in July, up 6.8 percent from a year earlier, driven by strong consumer demand. Gainers led losers 1,472 to 1,310 on turnover of 54.61 billion rupees (1.12 billion dollars).
Bharti Airtel fell 2.45 rupees or 0.58 percent to 419.4, after the London-based Financial Times reported Sunday the Bharti-MTN deal may run into trouble if the South African government places restrictions on MTN's operations domiciled offshore. Hindalco fell 3.05 rupees or 2.46 percent to 121.1 rupees while Reliance Communications fell 5.45 rupees or 1.83 percent to 292.45. Larsen and Toubro fell 20.2 rupees or 1.24 percent to 1,607.75 on profit-taking.
Jet Airways rose 5.6 rupees or 2.18 percent to 263, a day after it resumed full operations on Sunday, as a five-day walk-out by its pilots ended. Jet reached an "amicable agreement" with the pilots, who took mass sick leave last Tuesday after the sacking of two senior pilots for setting up an unrecognised trade union.
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