Sensex in biggest monthly decline in three months

11/30/2015 11:34:56 PM

(MENAFN- Khaleej Times)

Indian stocks fluctuated as software exporters and automobile stocks advanced before the central bank's policy review Tuesday countering losses in energy and telecom companies.

Infosys the second-largest software exporter climbed to a two-week high. Mahindra & Mahindra a tractor producer was the best performer on an index of automakers which rallied to a three-month high. Coal India and Sun Pharmaceutical Industries fell more than one per cent each.

The S&P BSE Sensex rose less than 0.1 per cent to 26145.67 at the close after changing direction at least 20 times. The gauge posted a second weekly gain on Friday amid optimism the government will be successful in pushing throughthe parliament a bill for a nationwide sales tax a proposal that's been repeatedly blocked by opposition parties.

"The momentum is positive on optimism about the goods and services tax bill but weak Asian markets are not giving confidence" Alex Mathews the head of research at Geojit BNP Paribas Financial Services said by phone from the southern state of Kerala. "Automakers are rallying as they are likely to report good sales numbers for the festive season."

The Sensex retreated 1.9 percent this month the most since August as foreigners pulled $793 million the biggest monthly withdrawal since September. - Bloomberg

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