India’s key stock index fell, capping a three-day, 6.1 per cent rally. Tata Consultancy Services led software exporters lower on concern the proposed US bank rescue will fail to boost the sector’s biggest market.
Tata Consultancy, India’s largest software developer, fell 1.9 percent. Wipro, the No. 3, declined 1.7 per cent. Bharti Airtel Ltd. led mobile-phone operators higher after they added 9.3 million customers last month.
“Even with $2 trillion in bailouts, the US will still find it difficult to stem the rot,” said Jayesh Shroff, who helps manage $1.5 billion in equities at SBI Asset Management Co. in Mumbai. “They will have to bite the poison pill and create a bad bank to mop-up toxic assets.”
The Bombay Stock Exchange’s Sensitive Index, or Sensex, declined 28.93, or 0.3 per cent, to 9,618.54. The S&P CNX Nifty Index on the National Stock Exchange slid 8.8, or 0.3 per cent, to 2,925.70. The BSE 200 Index fell 0.1 percent to 1,127.30. S&P CNX Nifty futures for February delivery added 0.4 per cent to 2,938.
Tata Consultancy fell 1.9 percent to 514.75 rupees. Infosys Technologies., the second-biggest software exporter, slid 0.5 per cent to Rs 1,301.90. Wipro declined 1.7 per cent to Rs 221.95.