Indian shares fell on Thursday to post their biggest daily percentage loss in four weeks after earnings from HDFC Bank and Kotak Mahindra Bank raised some concerns about bad loans ratios in the sector. HDFC Bank fell 0.3 percent, while Kotak Mahindra Bank fell 2.8 percent. Both banks hit record highs earlier in the session The BSE index fell 0.74 percent to 27,710.52.
The broader NSE index lost 0.65 percent to end at 8,510.10, retreating after hitting its highest since August 6 in the previous session. Miner Hindustan Zinc Ltd fell nearly 3 percent after posting a 47 percent fall in quarterly profit on Wednesday, while Larsen & Toubro Infotech Ltd fell as much as 6 percent on its market debut. Investors are also waiting to see whether the government can pass a revamped goods and services tax bill in the ongoing parliament session.
But overall, analysts said markets would likely retain their positive tone, with the NSE index up 3.4 percent this month as of Wednesday's close, its fifth consecutive monthly gain. "Last couple of days we've been going below 8,500 and managing to close above 8,500. So that's a positive takeaway for markets," said Gaurang Shah, vice president at Geojit BNP Paribas Financial Services, referring to the NSE index.
Larsen & Toubro Infotech was trading at 705.25 rupees, down from its IPO price of 710 rupees, as its debut was marred by concerns about the outlook for the software services exports sector after some disappointing earnings this month. Among gainers, Ambuja Cements rose as much as 2.18 percent to its highest in more than a year after the company received government nod to buy 24 percent of its holding company Holcim (India) Pvt Ltd, paving way for restructuring of Ambuja parent LafargeHolcim's India assets. LafargeHolcim's majority-owned ACC Ltd rose as much as 5.3 percent and was the top percentage gainer on the NSE index.
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