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TMCNet:  Shares retreat ahead of expiry as metal firms drop [Khaleej Times (United Arab Emirates)]

[December 25, 2013]

Shares retreat ahead of expiry as metal firms drop [Khaleej Times (United Arab Emirates)]

(Khaleej Times (United Arab Emirates) Via Acquire Media NewsEdge) Indian stocks declined, with the benchmark index ending a two-day advance, before the settlement in monthly equity derivatives this week.

Hindustan Zinc Ltd slid the most in about two weeks after the nation's top investigating agency started a probe into the role of billionaire Anil Agarwal and some government officials in the sale of a stake in the company, citing irregularities in the divestment process. Sesa Sterlite Ltd, also controlled by Agarwal, dropped the most in four weeks. Software maker Wipro Ltd retreated the most in ?two months. Bharat Heavy Electricals Ltd, India's biggest power-equipment maker, surged to a five-month high.

The S&P BSE Sensex dropped 0.3 per cent to 21,032.71 at the close, erasing an intraday gain of 0.3 per cent. Volume on the 50-stock CNX Nifty Index was 38 per cent below the three-month daily average. The market is closed today for Christmas.

Hindustan Zinc lost 2.2 per cent, the most since December 13. Sterlite was merged with iron ore miner Sesa Goa Ltd, also controlled by Agarwal, in August this year to form Sesa Sterlite, which fell 2.3 per cent.

Wipro retreated 2.2 per cent, ending a four-day, 6.6 per cent rally. Sun Pharmaceutical Industries Ltd, India's most valuable drugmaker, fell 1.6 per cent, a third day of decline. Housing Development Finance Corp, the biggest mortgage lender, retreated 1.3 per cent.

Bharat Heavy Electricals climbed to a five-month high. The S&P BSE India Capital Goods Index rose to its highest level in two weeks. Bajaj Auto Ltd gained 2.2 per cent.

Glenmark Pharmaceuticals Ltd climbed 2.6 per cent, the most since November 28.

(c) 2013 Khaleej Times. All Rights Reserved. Provided by, an company

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