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Apr 20, 2012, 06.12 PM IST
The BSE Sensex snapped a four-day-rally as Reliance Industries fell ahead of its earnings results while state-run banks declined on worries about their margins due to a government directive to lower their lending and deposit rates.
Shares were also hit in the afternoon after Nifty futures dropped suddenly amid market speculation of a trading error. The National Stock Exchange later said it had not spotted any errors on its trading systems.
After the market close, Reliance Industries
The country's main 30-share BSE index fell 0.74% to 17,373.84 points, while the 50-share NSE index lost 0.78% to 5,290.85. India's BSE index rose 1.6% this week, marked by a rally sparked by the Reserve Bank of India's aggressive 50 basis points cut in the repo rate on Tuesday.
Lenders had rallied on hopes easing move would bolster growth, but investors are now growing concerned that lenders are under pressure to lower lending and deposit rates sooner than they had hoped.
India's s state-run banks were among the day's big decliners. Bank of Baroda
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