Indian stocks fell in a special trading session in Mumbai today.
Jaiprakash Associates Ltd. (JPA), a builder of roads, dams and bridges, slid to its lowest level since March 2009. ICICI Bank Ltd. (ICICIBC), India’s second-biggest lender, fell for the first time in six days. DLF Ltd. (DLFU), its largest developer, gained 1.2 percent.
The BSE India Sensitive Index (SENSEX), or Sensex, retreated 0.1 percent to 15,848.80 at the close in Mumbai, after swinging between gains and losses. Today’s decline pared the weekly advance to 2.6 percent. The S&P CNX Nifty (NIFTY) Index on the National Stock Exchange of India Ltd. lost 0.2 percent to 4,746.90. The NSE, the nation’s biggest bourse, held a two-hour session to upgrade the capacity of its derivatives trading system’s hardware and software.
The Sensex slumped 25 percent in 2011 as economic growth slowed and inflation held above 9 percent. The measure trades at 13.8 times estimated earnings, down from 19.4 times at the end of 2010. The MSCI Emerging Markets Index is valued at 9.5 times.
Jaiprakash shed 2.5 percent to 51.85 rupees, extending yesterday’s 4.6 percent slide. The construction company’s Chairman Manoj Gaur, and his wife and brother were fined 1 million rupees ($19,000) each for breaking insider-trading rules, India’s markets regulator said in an order yesterday.
ICICI Bank decreased 0.9 percent to 745.2 rupees, ending a five-day rally. DLF gained 1.2 percent to 176.65 rupees, its first climb in four days.
Overseas investors (FIINNET) bought a net 5.49 billion rupees (FIINNET$) ($104 million) of local stocks on Jan. 5, boosting net purchases this year to 10 billion rupees, data from the Securities & Exchange Board of India show. They sold $512 million from equities in 2011, compared with a record inflow of $29.4 billion in 2010.
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