BSE Sensex falls; NSE Nifty heads for biggest weekly fall in 9 months

Jul 11 2014, 14:16 IST
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India's broader NSE index is down 0.6 percent after earlier hitting its lowest since June 23. (Reuters) India's broader NSE index is down 0.6 percent after earlier hitting its lowest since June 23. (Reuters)
SummaryThe index is down 2.9 percent for the week, which would make it its biggest weekly loss since September 2013.

India's broader NSE index is down 0.6 percent after earlier hitting its lowest since June 23, heading for its fourth consecutive fall after hitting a record high on Tuesday.

The index is down 2.9 percent for the week, which would make it its biggest weekly loss since September 2013.

Falls reflect some profit-taking after record highs, while the federal budget unveiled on Thursday was well received although investors said it lacked major reforms and details about the fiscal deficit.

Sentiment was also cautious as most Asian share markets slipped and safe-haven assets stayed in demand as investors waited to see how European stocks responded to the latest outbreak of banking jitters in the region.

Among blue-chips, Housing Development Finance Corp is down 3.3 percent while Reliance Industries is down 2.1 percent.

Banks also fall on potential losses on bond portfolios after the 10-year yield hits its highest level since May 21. State Bank of India falls 2.4 percent while HDFC Bank is down 1.1 percent.

India's second largest IT services provider Infosys Ltd gains 1.5 percent after the company's April-June earnings beat estimates.

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