Indian Shares Snap 3-Day Rally

MUMBAI: Indian shares snapped a three-day winning streak and shed 0.3 per cent on Wednesday as investors took profits after the market had climbed nearly 11 per cent in two weeks.

Energy major Reliance Industries led the losses, falling 1.5 per cent to 2,102.45 rupees, on disappointment there were no announcements on acquisitions or specific project plans at its annual meeting of shareholders on Tuesday.

The 30-share BSE index dropped 51.87 points to 16,998.78, with 18 components closing in the red.

The index had retreated after hitting nearly 17,500 in October. The benchmark -- which fell by more than half last year -- is up about 76 per cent in 2009 and has more than doubled from a March low. Heavy foreign fund investments of $15.3 billion in 2009 have propelled the market higher and traders are optimistic that a weak dollar will encourage more inflows even as valuations looked expensive.