Indian Shares End Down
July 11, 2012
By RAGHAVENDRA UPADHYAYA
MUMBAI — Indian shares ended lower Wednesday as investors sold index heavyweights ahead of earnings reports from major software companies, and before industrial production numbers for May are announced Thursday.
The Bombay Stock Exchange’s 30-share Sensitive Index ended down 0.7% at 17,489.14, while the National Stock Exchange’s 50-share Nifty fell 0.7% to 5,306.30.
Trading volume in the BSE’s cash segment was 20.59 billion rupees ($372 million), slightly up from Tuesday’s 19.40 billion rupees.
“Investors are nervous that the software majors may disappoint on profits and guidance, and thereby hurt investor sentiment,” said Harish Vasudevan, a strategist at SVS Securities.
“Apart from the corporate results, industrial production numbers tomorrow will set the expectations on the Reserve Bank of India’s policy action later this month,” he said, referring to the central bank’s next policy meeting set for July 31.
According to a poll of 15 economists, India’s industrial output growth likely stayed weak….”