 "Sensex retreats for third day to pare weekly advance")
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Stocks trimmed the biggest weekly gain in almost a month before a US jobs report as declines in software exporters and telecom companies offset increases in energy shares.
Three shares fell for every two that climbed on the S&P BSE Sensex, which changed direction at least seven times. The gauge is up 0.5 per cent for the week, rebounding from a 2.8 per cent drop in the previous five days, which was the steepest since February following India's attacks on militants in Pakistan. Foreign investors kept faith in the nation's equities, buying $191 million this week, adding to the $1.4 billion they purchased in September.
"The markets will trade in a range in the near term as there as too many uncertainties such as the Fed rates, US presidential elections and the corporate earnings season," R K Gupta, managing director at Taurus Asset Management Co, said by phone from New Delhi. "At the same time, the liquidity is very strong, thus every fall is being bought aggressively."
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Stocks were buoyed earlier this week by the central bank's move to ease borrowing costs. The six-member Monetary Policy Committee led by newly-appointed Reserve Bank of India Governor Urjit Patel took the country's first collective interest-rate decision Tuesday, moving to cut the benchmark repurchase rate to a more than five-year low of 6.25 per cent. That was after consumer-price inflation slowed to a five-month low in August.
Bloomberg
