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India's main indices fell for a fifth consecutive session on Thursday to two-week lows as concerns about protracted negotiations to avoid a US "fiscal cliff" hit software services exporters such as Tata Consultancy Services and Infosys. Investors also booked profits in recent out-performers such as Tata Motors, with the euro zone also expected to remain a persistent concern after data on Thursday showed the region falling into recession during the July-September quarter.
Worries at home are also expected to prevail despite data on Wednesday showing the wholesale price index eased, as headline inflation is still high enough to be a headache for policymakers struggling to balance the need for growth with taming prices. Analysts said markets may remain vulnerable unless the government announces additional economic and fiscal reforms, given the central bank has indicated it won't cut interest rates until the January-March quarter of 2013. "Fiscal cliff is more of fancy words but implementation of reforms by the government would be the next big trigger,"said Vijay Kedia, a director at Kedia Securities.
The benchmark BSE index fell 0.79 percent, or 147.50 points, to end at 18,471.37 points, marking its lowest close since October 30. The broader NSE index fell 0.63 percent, 35.95 points, to 5,631.00 points, marking its lowest close since October 31. Both indexes have fallen for five consecutive sessions including shortened Diwali trading hours on Tuesday. Markets were closed on Wednesday for a public holiday. Software services exporters, which derive more that half of their revenues from the United States, were among the leading decliners.
Tata Consultancy Services fell 2.4 percent, while Infosys fell 1.8 percent. Hindalco Industries fell 1.9 percent, while Sterlite Industries fell 1.6 percent. Tata Steel fell 2.7 percent. Investors also booked profits in recent out-performers. Tata Motors fell 1.9 percent after surging 9 percent so far this month as of Tuesday's close, outperforming a 0.84 percent gain in the broader NSE index.
Tata shares fell even after the auto maker said global sales rose 6 percent in October, including a 7 percent rise at key unit Jaguar Land Rover. ITC fell 2.6 percent. The cigarette maker has surged 41 percent so far this year as of Tuesday's close. Dealers also cited some concerns about increased regulatory scrutiny for tobacco as a reason for Thursday's falls. Bharti Airtel gained 2.6 percent, while Idea Cellular rose 3 percent. DLF surged 3.2 percent - recovering after concerns about its July-September earnings had sent the stock down 5.2 percent.

Copyright Reuters, 2012

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