Indian shares fell on Wednesday, extending the previous session's sharp sell-off, as the rupee hit another record low of 55.75 against the dollar and worries intensified that Greece may leave the euro zone. Asian markets are tumbling, with key benchmark indexes in Australia, Hong Kong, Indonesia, Japan, Singapore, South Korea and Taiwan losing more than a percent each.
Closer home, the benchmark 30-share Sensex is currently trading off its day's lows at 15,944, down 83 points or 0.52 percent from its previous close, while the broader Nifty index is down 22 points or 0.45 percent at 4,839. Consumer durable, power, auto and realty stocks are among the prominent decliners.
Reliance Industries is losing 0.6 percent on news that the company along with its partners BP and Canada's Niko Resources will abandon the D4 oil and gas block off east coast. Tata Power is tumbling 4.2 percent after posting a Rs.629 crore net loss in Q4 on impairment charge.
NTPC is edging down 0.3 percent and Coal India is marginally lower on reports that they will sign new fuel supply agreements on 2009 terms. SKS Microfinance is down over 4 percent after the government introduced the much-awaited microfinance bill in the Lok Sabha.
Idea Cellular is tumbling 3.7 percent after reportedly slashing its 3G tariffs by up to 70 percent. Container Corporation of India, Gokaldas Exports and Opto Circuits are moving down 1-2 percent after posting disappointing earnings results.
BHEL is gaining 0.6 percent ahead of its quarterly results today. Unitech is moving up 1.2 percent. U.S. private equity firm Blackstone is in talks with the company to buy its special economic zones in Gurgaon and Noida and IT park in Kolkata, the Times of India reported.
Oil retailers HPCL and IOC are posting modest gains on speculation of a petrol price hike this week. Suven Life Sciences is climbing 3 percent after securing four product patents for its new chemical entities in Japan, Australia, Europe and Eurasia.
Indian shares fell on Tuesday, erasing early gains, as the retreat in the rupee despite RBI's latest measures to curb speculation in the currency futures market sparked fears of fresh capital outflows. The benchmark BSE Sensex ended down 157 points or 0.97 percent at 16,026, while the broader Nifty index fell by 46 points or 0.93 percent to 4,860.
by RTT Staff Writer
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