Rate concern weighs on India index; rupee drops Gulf Times
Bloomberg/MumbaiIndian stocks fell to a one-month low yesterday on speculation the central bank will tighten monetary policy after China sought to cool its property market, and as US regulators filed a suit against Goldman Sachs Group Inc.
DLF Ltd, India’s biggest developer, and Tata Steel Ltd, the largest producer of the alloy, dropped the most in two months. India’s central bank may raise interest rates for the second time in a month to tame the fastest inflation among Group of 20 nations, according to Bloomberg News Survey of economists.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, lost 190.50, or 1.1%, to 17,400.68, extending last week’s 1.9% retreat. The gauge slid for a fifth day, its longest losing streak since January 27, after the US Securities and Exchange Commission sued Goldman Sachs for fraud tied to collateralised debt obligations and Britain and Germany said they will study the firm’s transactions.
India’s “stock
Upstream OnlineMax India Ltd. (MAX IN): The investment company rose 0.8 percent to 230.35 rupees after Chairman Analjit Singh said it may sell a 23 percent stake in an insurance venture to partner New York Life Insurance Co. Shares rose as much as 10 percent earlier. India Indexes Decline; Net Fund Flows Fall
