* NSE index falls 0.15 pct; BSE index down 0.21 pct
* Stock-specific moves likely ahead - analyst
* ICICI Bank biggest loser on bank index
Oct 19 Indian shares edged lower on Wednesday,
after posting their best day in nearly five months in the
previous session, with investors booking profits in bank stocks
that shed the most.
The Nifty Bank index fell as much as 0.44
percent, after rising 2.85 percent in the last three sessions.
ICICI Bank Ltd fell as much as 1.8 percent, while
State Bank of India declined as much as 0.7 percent.
"We are in the middle of the earnings season and there is
likely to be more stock-specific moves rather than broad-based
movement," said Anand James, chief market strategist, Geojit BNP
Paribas Financial Services Ltd.
This week, companies such as Biocon Ltd, Reliance
Industries Ltd, ACC Ltd, Wipro Ltd
and HCL Technologies Ltd are slated to report
Investors also eye the ongoing government meet on the goods
and services tax (GST) for clarity on new rates. The crucial GST
Council meeting, comprising federal and state finance ministers,
will decide the main tax rate and those for different sectors.
"With the GST council meet underway, the market looks ahead
for fresh cues," James said.
The broader NSE index was down 0.2 percent at
8,660.25 as of 0610 GMT, while the benchmark BSE index
fell 0.24 percent at 27,984.17.
On Tuesday both the indexes posted their biggest intraday
percentage gains since May 25.
The Nifty Auto Index fell as much as 0.82
percent, with Tata Motors Ltd, Mahindra and Mahindra
Ltd and Hero MotoCorp Ltd declining over 1
Shares in logistics companies continued their rally, with
Gati Ltd surging as much as 6 percent, Allcargo
Logistics Ltd gaining 3.3 percent and VRL Logistics
Ltd rising 2.4 percent.
ABG Shipyard Ltd rose as much as 9.99 percent to
its highest since May 6. The Business Standard reported that the
company was in talks with a Russian shipbuilder for the sale of
a controlling stake. bit.ly/2dmrAal
(Reporting by Samantha Kareen Nair in Bengaluru)