Indian Shares Fall For Third Day

(RTTNews.com) - Indian shares extended declines for a third day in a row, weighed down by weak Asian and European cues as renewed concerns about a slowdown in China and uncertainty over Europe's economic outlook kept investors at bay. With high food prices pushing up retail inflation to 10.91 percent in February, investors eagerly awaited Thursday's WPI inflation numbers for cues to the likely monetary policy stance of the RBI at its upcoming policy review on 19th.

Hitting its lowest level in almost a week, the benchmark BSE Sensex ended the session down 202 points or 1.03 percent at 19,363. Twenty two of its components retreated, with banking, consumer durable, auto, IT and metal stocks bearing the brunt of the selling, while FMCG and healthcare stocks saw defensive buying. The broader Nifty index fell by 63 points or 1.06 percent to 5,851.

Among the prominent decliners in the Nifty pack, ACC, Maruti Suzuki, Axis Bank, Bank of Baroda, Siemens, Jindal Steel, Kotak Mahindra Bank, Bajaj Auto, ICICI Bank and Hindalco lost 3-4 percent.

Tata Coffee fell 2.3 percent, snapping a seven-day rally. Shares of Kennametal India slumped 6.6 percent after its U.S.-based promoter firm said it plans to divest its 13.16 percent stake in the Indian firm through an offer for sale on March 14.

Among those that gained, ITC, Asian Paints and Sun Pharma rose about a percent each. Bharti Airtel advanced 1.1 percent after the telecom major said it has raised its stake in its Nigerian unit, Airtel Networks.

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