central bank of indiacentral bank of indiang ahead of the central bank's policy review this month.Top software services exporter Tata Consultancy Servicesbucked the trend and rallied as much as 4.8 percent, ainvestors warmed up to its forecast-beating quarterly earnings. The 30-share BSE index declined 56.28 points to18,561.92, taking losses for the week to 1.6 percent, with 22 of
its components losing ground. It had gained 5.5 percent over the previous three weeks,
buoyed by foreign fund inflows of $2.5 billion since June 23. But, the inflows have slowed with data showing foreign
institutional investors (FIIs) were sellers in at least one day
this week, leading to doubts on their near-term moves. "The near-term outlook is clouded by event risk," saiShankar Char, vice-president and head of sales trading at ICICI
Securities. "Developments in Europe, likely rating agency actions,
Reserve Bank of India's policy and domestic earnings -- there
are too many things. It is all a wait-and-watch." The 50-share NSE index shed 0.3 percent to 5,581.10oints. ICICI Securities' Char said investor caution was reflected
in anaemic volumes, which on the NSE dropped to 445 million
shares from the average 90-day daily volume of 580 million
shares.
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