Indices decline for third straight day amid concerns over economic recovery

Investors turn jittery over high valuations, inflation

India’s benchmark indices declined for the third consecutive day on Thursday, led by losses in index heavyweights Reliance, Infosys, and TCS, amid investors’ concerns over high valuations and the impact of inflation on corporate profits and economic recovery. A rally in banking shares helped offset some losses.

After dropping as much as 774 points, the Sensex ended the session 336 points, or 0.5 per cent, lower at 60,923, while the Nifty fell 89 points to close at 18,178. In the last three sessions, the Sensex has declined 842 points, or 1.4 per cent, while the Nifty has dropped 299 points, or