NSE below 200-day moving average

Indian shares fell about one per cent on Friday with the NSE index closing below its 200-day moving average for the first time in nearly three weeks as banks declined after central bank chief’s comments on inflation being still high.

By (Reuters)

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Published: Sat 28 Sep 2013, 10:23 AM

Last updated: Sat 4 Apr 2015, 10:36 AM

Central bank Governor Raghuram Rajan also said on Thursday central banks risk sparking new crises by keeping their loose policy in place for too long. Investors were cautious ahead of the June quarter current account deficit numbers due on Monday. India’s current account deficit is expected to rise from the previous three-month period before easing due to a sharp fall in gold imports and improving exports.

Analysts said the market was precariously poised with its attention divided between weak macro data points and Infosys’ results, due on October 11.

“Markets will remain lacklustre in the absence of positive triggers and I am bracing for the earnings season, but with a negative bias,” said Sudip Bandyopadhyay, managing director of Destimoney Securities.

The benchmark BSE index fell 0.84 per cent, or 166.58 points, to end at 19,727.27, also falling 2.6 per cent for the week, marking its first weekly fall in five.

The broader NSE index declined 0.83 per cent, or 49.05 points, to end at 5,833.20, also falling three per cent for the week, closing below its 200-day moving average for the first time since September 6.

ICICI Bank fell 2.4 per cent, while HDFC Bank declined two per cent.

Also, ratings agency Fitch said non-performing loans at Indian banks are expected to peak as late as March 2016, compared with its earlier estimate of the middle of current fiscal year that started in April.

Among state-owned banks, State Bank of India fell 2.1 per cent, while Bank of Baroda ended 1.6 per cent lower.

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