India’s Sensex Index Set for Worst Monthly Decline Since 2008
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Indian stocks declined for a third straight day, with the benchmark index on course for the biggest monthly drop since 2008, as lower-than-estimated earnings from JSW Steel Ltd. fueled concern rising prices will crimp profits.
JSW Steel, the nation’s third-biggest producer, slumped to a 14-month low after higher raw-material costs dragged quarterly profit down by 32 percent. DLF Ltd., the country’s largest developer, retreated to its lowest level since April 2009 after borrowing costs were raised this week. The main stock indexes fell below their 200-day moving averages yesterday, a key technical level which signals to some investors and analysts that shares may extend declines.