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India’s Sensex Declines From Record as Power Producers Retreat

June 11 (Bloomberg) -- Benchmark S&P BSE Sensex falls 1st time in five days as power utilities and industrials decline. * Sensex -0.4% to 25,473.89 at close after climbing to all- time high of 25,735.87 earlier * Investors booking profit as broad market overbought amid

high expectation from Modi govt., Alex Mathews, head of

research at Geojit BNP Paribas Financial Services, said by

phone from Kerala

* NOTE: Sensex rallied 8% in May, best monthly advance

since Oct., after Narendra Modi’s BJP won strongest

electoral mandate in 30 years; gauge +20% YTD, trades at

~15.7x projected 12-mo. profits, most expensive in 3 1/2

years; its 14-day RSI at 75.8; some investors see

reading >70 as signal to sell * NOTE: Sensex rallied 8% in May, best monthly advance

since Oct., after Narendra Modi’s BJP won strongest

electoral mandate in 30 years; gauge +20% YTD, trades at

~15.7x projected 12-mo. profits, most expensive in 3 1/2

years; its 14-day RSI at 75.8; some investors see

reading >70 as signal to sell</li></ul> * State-owned NTPC -3.3%, biggest decline since Feb. 24; Tata

Power -4.9%, most since Aug. 16; stk biggest loser on

Sensex; BSE India Power Index -2.8%, the most since May 26 * Copper producer Sesa Sterlite -1.9%; stk climbed to 3-year

high June 5; aluminum maker Hindalco -4.2%, most since April

15 * L&T Finance Holdings -5%, most since April 3, after minimum

price for founder Larsen & Toubro’s stake sale set at 74

rupees vs yday close of 81.9 rupees * Infosys +3.8%, biggest gain since Oct. 11 on ex-CEO return

talk; bigger rival Tata Consultancy +2.3%; Dr. Reddy’s +1.5% * CNX Nifty -0.4%; BSE 100 -0.7%; BSE 500 -0.7% * BSE 100 gainers: Kotak Mahindra Bank +3.2% after stk raised

to buy from hold at Deutsche Bank; Godrej Cons +3%; Glenmark

+1.9%; Hero MotoCorp +1.5%; Asian Paints +1.4% * BSE 100 losers: HDIL -8.4%, Unitech -7.2%, Jaiprakash

Associates -5.4%; GMR -5.3%; DLF -5.3% * Index movers incl. IT +2.2%, Communications Technology

+1.3%, Healthcare +0.3%; Consumer Durables -2.1%, Metal

-2.7% * Volume above 3-mo. full-day avg: UBBL 6.1x 3-mo. avg; NHPC

4.1x, UNSP 2.9x, TGBL 2.6x, GMRI 2.4x, TTAN 2.3x, APNT 2.2x,

IDBI 2.1x, INFO 2x, IDEA 2x, * Foreigners bought net $130.2m of Indian equities June 10;

YTD total net $9.36b purchases * NOTE: The BSE’s Sensex calculation system suffered technical

glitch for ~20 mins after trading began at 9:15 a.m.; trades

were unaffected by problem, exchange said in statement * Rupee +0.1% to 59.2537 * MXAP Index +0.4%

Story Link:NSN N705FM6TTDS4<GO>

For Related News and Information: First Word scrolling panel: FIRST<GO> First Word newswire: NH BFW<GO>

To contact the reporter on this story: Ravil Shirodkar in Mumbai at +91-22-6120-3653 or rshirodkar@bloomberg.net To contact the editors responsible for this story: Michael Patterson at +852-2977-4820 or mpatterson10@bloomberg.net

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