 "Stocks drop for third day as Infosys falls before results")
Indian stocks declined, as the recent rally pushed equity valuations to near a six-year high.
The S&P BSE Sensex Index fell 0.4 per cent at 29,575.74 at close in Mumbai, while the Nifty 50 Index lost 0.2 per cent. Home-loan providers Housing Development Finance Corp and Indiabulls Housing Finance declined at least 1.2 per cent. Infosys tumbled the most since July before its earnings report on Thursday, the worst performance on the Sensex.
Stocks have set one record after the other this year amid a global rally in equities and a victory for Prime Minister Narendra Modi's party in a key state. The Nifty closed out the first three months of 2017 at the most expensive level since 2010. Its price-to-estimated earnings ratio has since slipped with the start of the new fiscal year.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%