India's Sensitive Index fell from a record after some investors judged the gains to set four consecutive records excessive. State Bank of India and Larsen & Toubro Ltd. led declines, Bloomberg reported.
"Stocks at records are getting investors to take some money off the table,'' said R.K. Gupta, who manages $75 million of stocks at Credit Capital Asset Management in New Delhi.
Indian Oil Corp. led refiners higher after the government issued oil bonds to help reduce losses at refiners, whose selling prices are restricted by the government.
The Bombay Stock Exchange's Sensex fell 118.16, or 0.7 percent, to 16,727.67 as of 1:49 p.m. local time. The index rose to its fourth straight record yesterday. The S&P/CNX Nifty Index on the National Stock Exchange dropped 38.10, or 0.8 percent to 4,894.10.
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Indian OIl Corp. Gained on Bombay Stock Exchange
India's Sensitive Index fell from a record after some investors judged the gains to set four consecutive records excessive
