Sensex logs first weekly decline in 10 weeks
Sunday, 18 April 2010
MUMBAI, Apr 17 (Bloomberg): India's stocks fell, driving the benchmark index to its first weekly decline in 10 weeks, on speculation the central bank will tighten monetary policy next week after China announced measures to cool its property market.
DLF, India's biggest developer, retreated from the highest in 11 weeks. Jaiprakash Associates, a builder of dams, roads and bridges, dropped the most in more than three weeks.
The nation's inflation rate held at a 17-month high in March, a report yesterday showed, increasing pressure on the Reserve Bank of India to raise interest rates at its April 20 quarterly meeting.
The Bombay Stock Exchange's Sensitive Index, or Sensex, dropped 48.08, or 0.3 per cent, to 17,591.18. The gauge has declined 1.9 per cent this week.
DLF, India's biggest developer, retreated from the highest in 11 weeks. Jaiprakash Associates, a builder of dams, roads and bridges, dropped the most in more than three weeks.
The nation's inflation rate held at a 17-month high in March, a report yesterday showed, increasing pressure on the Reserve Bank of India to raise interest rates at its April 20 quarterly meeting.
The Bombay Stock Exchange's Sensitive Index, or Sensex, dropped 48.08, or 0.3 per cent, to 17,591.18. The gauge has declined 1.9 per cent this week.