(MENAFN - Khaleej Times) India's benchmark stock index declined the most in two weeks amid concern the oil's climb to above 100 a barrel for the first time in nine months and a weakening rupee will limit the central bank's room to cut rates.
The S&P BSE Sensex retreated 1.4 per cent to 19,194.78, according to preliminary closing prices in Mumbai. Reliance Industries, owner of the world's largest refining complex, fell to a one-week low. State Bank of India, the biggest lender by assets, dropped the most in six weeks. The rupee weakened to within 0.7 per cent of its all-time low.
The Sensex has retreated 5.4 per cent from a two-year high reached on May 17 as the prospect of reduced monetary easing by the US prompted global investors to pull money from emerging markets. They sold a net 1.76 billion of Indian equities in June, ending 12 straight months of buying.
The CNX Nifty Index on the National Stock Exchange of India slid 1.5 per cent to 5,770.90.