India's key share index slid a bit from the previous session's record peak on Tuesday as investors got pre-budget jitters and federal bonds retreated on concern over the latest spurt in global oil prices. The key 30-share Mumbai Stock Exchange index fell 0.14 percent to 6,670.06 from Monday's all-time closing peak of 6,679.33. Losers outpaced gainers by almost 3 to 1.
"The market was consolidating after running up to new highs," said Bharat Shah, director at Vikram Kenia Securities (Pvt) Ltd "It should pick up tomorrow, though people are cautious because the rally has been quite strong."
The index had surged a net 9.4 percent between January 12 and Monday's new closing high on upbeat corporate earnings and hopes for an investor-friendly budget for the year to March 2006 when it is released on February 28.
But some sold for fear of a disappointment, and analysts say stocks will be choppy in the new few weeks due to uncertainty.
Big movers on Tuesday included rating agency CRISIL Ltd after Standard and Poor's announced an offer for a majority of the company at 680 rupees per share. CRISIL shares jumped the maximum permissible 20 percent to 680.25 rupees.
But shares of Hindustan Oil Exploration Ltd fell 7.6 percent after London-based oil explorer Burren Energy Plc made an open offer for 20 percent in the Indian firm at 92.40 rupees per share, below Monday's 101.95 rupees.
Bonds, which rallied last week as a result of slowing inflation and expectations that there would be no fresh federal issuances, slid for a second straight day as a rise in oil prices spurred fresh concerns about the possible impact on inflation.
Oil is India's biggest import and last year's price spike drove inflation to a 3-1/2-year high of 8.74 percent last August, prompting the first policy tightening in more than four years.
The yield on the 10-year benchmark bond inched up to 6.5112 percent, from Monday's close of 6.4948 percent.
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