* BSE and NSE indexes fall 0.07 pct
* Recent outperformers fall on profit-taking
* Metals stocks gain; Hindalco up 4 pct
By Indulal PM
MUMBAI, July 14 Indian shares remained under
pressure on Monday, falling for a fifth consecutive session as
foreign investors turned sellers, hitting blue-chips such as
ICICI Bank and Hindustan Unilever.
Overseas investors sold shares worth 7.23 billion rupees
($120.6 million) on Friday, after buying $1.6 billion worth of
stocks in six straight sessions to Thursday, exchange and
regulatory data showed.
The selling comes after foreign funds had largely been
behind a near 20 percent rally in Indian shares this year.
Analysts cited disappointment with the Narendra Modi-led
government's maiden budget, which lacked major reforms or enough
details about how to meet ambitious fiscal deficit targets.
Investors were also cautious ahead of consumer inflation due
after the close of markets. Earlier in the day, data showed
wholesale inflation easing to a four-month low in June, although
the number did not yet capture the full impact of the reduced
monsoon rains on summer crop.
"The budget euphoria is over. And we have seen a meaningful
correction, which is giving an opportunity to add quality stocks
to the portfolio. There could be some minor corrections, but the
undercurrent is still positive," said Deven Choksey, managing
director, KR Choksey Securities.
The benchmark BSE index ended 0.07 percent lower at
25,006.98 points. The broader NSE index also edged down
0.07 percent to 7,454.15.
Recent outperformers among blue-chips continued to be hit by
profit-taking. Hindustan Unilever Ltd fell 2.94
percent, while ICICI Bank ended 0.91 percent lower,
and Bharti Airtel Ltd finished 1.01 percent down.
Among other decliners, Infosys fell 3.05 percent as
investors took profits after recent gains, while some analysts
cited disappointment with some of the details behind the
software exporter's quarterly earnings unveiled on Friday, even
though the results beat estimates.
Sun Pharmaceuticals Industries fell 0.81 percent
after India's drug pricing regulator cut and capped the prices
of more than 100 drugs used to treat diseases. Sun shares gained
4.8 percent in the previous week.
Titan Co Ltd ended 2.54 percent lower after its
jewellery unit, Tanishq, said it had closed two gold deposit
schemes, under which customers would deposit cash for a certain
period and receive some jewellery at the end.
Metal stocks were among the gainers, with Hindalco
Industries Ltd up 3.99 percent on optimism ahead of
Chinese GDP data, due on Wednesday. Tata Steel Ltd
rose 2.3 percent, while JSW Steel ended 1.02 percent
State-run oil marketing companies also gained, with
Hindustan Petroleum Corp Ltd rising 2.7 percent after
a fall in international crude prices. Bharat Petroleum Corp Ltd
ended up 1.4 percent, while Oil and Natural Gas Corp
gained 1.7 percent.
For additional stocks on the move double click
FACTORS TO WATCH
* Dollar awaits Yellen's testimony, Draghi may limit euro's
* Oil at 3-month low near $106 as supply fears ease
* Stocks recover as worries about banks ease
* Foreign institutional investor flows
* For closing rates of Indian ADRs
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia........ Japan....... S.Korea...
S.E. Asia....... Hong Kong... Taiwan....
Australia/NZ.... India....... China.....
Wall Street .... Gold ....... Currency..
Eurostocks..... Oil ........ JP bonds...
ADR Report ..... LME metals. US bonds..
Stocks News US.. Stocks News Europe
DIARIES & DATA:
Indian Data Watch Asia earnings diary
U.S. earnings diary European diary
Indian diary Wall Street Week Ahead
Eurostocks Week Ahead
For top Asian company news, double click on:
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Politics/General Asia Macro data <ECONASIA
(Reporting by Indulal PM; additional reporting by Abhishek
Vishnoi; Editing by Prateek Chatterjee)