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HDFC leads, Sensex declines

Bloomberg  |  Mumbai 

Bombay Stock Exchange's Sensitive Index fell for the first time in four days after some investors judged the recent gains excessive. Mortgage lender Housing Development Finance Corporation led the declines.
"have rallied over the past few days, so investors are taking some money off the table," said RK Gupta, who manages $100 million of stocks at Credit Capital Asset Management in New Delhi.
The Bombay Stock Exchange's Sensex fell 35.32, or 0.2 per cent, to 19,930.68, after rising 2.2 per cent in the past three days. The S&P/CNX Nifty Index on the National Stock Exchange fell 13.70, or 0.2 per cent, to 5,960.60.
Telecommunications companies Bharti Airtel, the nation's largest and most valuable wireless carrier, and Idea Cellular climbed on expectations a venture to share transmission towers with Vodafone Group Plc's local unit will help them cut expansion costs in a market where local mobile call rates are between 1 and 2 US cents a minute.
State-run refining and oil marketing companies, which retail gasoline and diesel below cost, rose on expectations the government may increase prices of fuel in line with global crude oil rates.

First Published: Tue, December 11 2007. 00:00 IST