MUMBAI (Reuters) – The BSE Sensex fell 0.5 percent in choppy trade on Wednesday, its third straight fall, as investor caution spread across Asia and Europe following a slide on Wall Street overnight on concerns about the U.S. financial sector.
Major losers included private-sector lender ICICI Bank, which fell 1.2 percent to 736.10 rupees, and engineering and construction firm Larsen & Toubro that dropped 1.1 percent to 1,533.50 rupees.
"It looks like the market is headed for a correction over the next week or so," R.K. Gupta, managing director of Taurus Mutual Fund, said.
"The market is consolidating as there is not much fresh money coming in right now."
However, No. 2 telecoms firm Reliance Communications gained 4.6 percent to 276.05 rupees, after it said on Tuesday it had repaid early more than $1 billion of loans, about one-fifth of its outstanding loans, and could repay more debt
ahead of schedule.
The company's telecoms tower unit has revived its initial public offer plan and is looking to raise up to 50 billion rupees ($1 billion), the Business Standard reported.
The 30-share BSE index ended down 0.54 percent, or 83.73 points, at 15,467.46 points, its worst close since Aug. 21, with 21 stocks declining. The index rose as much as 0.5 percent during trade.
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