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Most Indian Stocks Decline; Reliance Communications Advances

July 19 (Bloomberg) -- Most Indian stocks fell after the government’s top statistician said inflation is accelerating, increasing pressure on the central bank to raise interest rates next week.

DLF Ltd., the nation’s biggest real estate developer, declined 1.3 percent. The pace of price increases will quicken in July because of higher fuel costs, T.C.A. Anant, said. Reliance Communications Ltd. rose 2 percent after the Financial Times said Emirates Telecommunications Corp. may buy a stake.

“If India can’t manage the inflation, then definitely its charm may be subdued to some extent for foreign investors,” said Jagannadham Thunuguntla, chief strategist at SMC Capital Ltd. in New Delhi. “We may be getting into a slightly moderated and normalized earnings growth pattern,”

The Bombay Stock Exchange’s Sensitive Index, or Sensex, lost 26.36, or 0.2 percent, to 17,929.46, according to preliminary closing prices. Nineteen stocks fell and 11 rose. The S&P CNX Nifty Index on the National Stock Exchange dropped 0.1 percent to 5,386.35. The BSE 200 Index was little changed at 2,286.56.

To contact the reporter on this story: Saikat Chatterjee in New Delhi on schatterjee4@bloomberg.net

To contact the editor responsible for this story: Linus Chua at lchua@bloomberg.net

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