Reply #38: Indian shrs drop in April; post worst weekly loss since late Feb [View All]

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http://in.reuters.com/article/2011/04/29/india-stocks-idINL3E7FT1CC20110429

MUMBAI, April 29 (Reuters) - Indian shares declined for the third month out of the four in 2011, and ended lower for the fifth straight session on Friday, as investors exercised caution on expectations the central bank may adopt a hawkish approach at its policy on Tuesday.

They also posted their worst weekly loss since late February, after foreign institutional investors (FIIs) sold Indian equities for the first three sessions this week.

Traders expect the market to take cues from the Reserve Bank of India's action next week, but ruled out a sell-off by foreign funds.

Financials were the top losers as the market expected the RBI to raise key short-term rates by at least 25 basis points, which would mark the ninth increase since mid-March last year, to curtail persistently high inflation. For a Take a Look