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BSE Sensex drops as losses in ICICI, ITC weigh

Source : REUTERS
Last Updated: Thu, Feb 21, 2013 05:02 hrs
Commuters walk past the BSE building in Mumbai

The Sensex falls 0.86 percent and the Nifty slips 0.82 percent. Domestic shares fall in line with weak global shares that fell on market talk that a hedge fund had been liquidating large positions in commodities, as well as worries the Federal Reserve could slow its bond buying program.

The MSCI's broadest index of Asia-Pacific shares outside Japan tumbles 1.8 percent, Hong Kong shares slides 1.6 percent while Tokyo's Nikkei stock average falls 1.26 percent.

Bank shares lead the falls a day after RBI data showed that loan growth continues to remain a concern. ICICI Bank shares fall 1.6 percent while State Bank of India falls 0.8 percent.

Banks' advances grew 8.7 percent so far this fiscal year, compared with 11.2 percent a year earlier, while deposit growth was 7.8 percent compared with 11.4 percent in the same period a year earlier.

Shriram Transport Finance Co Ltd shares sink 7 percent after U.S. private equity firm TPG Capital planned to sell part of its stake in the company to raise about $300 million, according to a term sheet seen by Reuters.




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