Institutional selling in blue chips, mainly banks and real estate stocks, dragged Indian shares lower in a choppy session Monday even as most regional markets ended higher. The Bombay Stock Exchange’s 30-stock Sensitive Index fell 0.4% to finish at 16,740.50, after trading between 16,706.08 and 16,938.88. Investors dumped banks and real estate on worries that the Reserve Bank of India may hike interest rates at its policy review Tuesday. DLF, the nation’s largest property developer by sales, slumped 5.4% to 430.10 rupees to be the biggest percentage loser, while State Bank of India–the largest lender by assets–slipped 2.1% at 2,305.60 rupees. ICICI Bank, the second-largest lender, lost 1.5% to 890.70 rupees, while HDFC Bank slid 0.1% to 1,687.95 rupees. Shares of Reliance Industries, India’s most valued company, stayed weak and contributed to the index’s fall, ending down 1.6% at 2,015.45 rupees
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Banks and Realty stocks Dragged Indian Shares Lower
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