Mobius says Sensex rally may falter

The BSE Sensex slid from a record, amid concern the rally had exceeded the outlook for earnings. The Sensex has increased 23 per cent this year, the best performer among the world's 10 biggest markets, as foreigners poured $11.9 billion into Indian equities, the most in Asia, on speculation that Prime Minister Narendra Modi's government will spur economic growth from near a decade low.

Shares won't rise much more in the near term, Mark Mobius, executive chairman of Templeton Emerging Markets Group, said in an interview on Thursday. "There will be another opportunity to go in because after the euphoria, you will see the market correcting," Mobius, who oversees more than $40 billion, told Bloomberg TV.