Indian shares slipped 0.53 percent on Friday in choppy trade as investors unwound positions ahead of a long weekend and after overnight falls on Wall Street, dealers said. The benchmark 30-share Sensex index dropped 88.43 points to 16,693. The stock markets will be closed Monday for a public holiday. Sentiment weakened in afternoon trade on fears that central banks around the world may start withdrawing stimulus measures as economies show signs of recovery.
Gainers led losers 1,628 to 1,137 on turnover of 58.65 billion rupees (1.22 billion dollars). Tata Steel fell 14.65 rupees or 2.85 percent to 498.5 on lower global metal prices while ICICI Bank fell 21.5 rupees or 2.5 percent to 838.6. Wipro fell 11.8 rupees or 2.04 percent to 567.15 amid weak US economic data.
Bharti Airtel fell 4.9 rupees or 1.17 percent to 414.37, on worries that talks between Bharti and South Africa's MTN could run into trouble after the regulator Securities and Exchange Board of India made changes to corporate take-over rules. The two companies have set a deadline of September 30 for completing exclusive merger talks.