Indian shares fell on Tuesday, extending the previous session's losses, as weak Asian cues dampened investor mood ahead of the expiry of near-month F&O contracts due on Thursday.
Asian markets are trading mostly lower on global growth worries after the Japanese government cut its economic forecast for the first time since October, citing "some weak movements" such as stumbling export growth amid global economic uncertainties.
Trading in a narrow range, the benchmark BSE Sensex is currently down 35 points or 0.2 percent at 17,179, while the broader Nifty index is at 5,342, down 8 points or 0.15 percent from its previous close.
Heavyweight Reliance Industries is edging down 0.2 percent as the energy giant scheduled a planned maintenance turnaround of one of the diesel hydrotreater units at its Jamnagar refining complex in Gujarat for about two and a half weeks.
Jet Airways is declining 1.2 percent after launching a co-branded credit card with ICICI Bank. GAIL is unchanged after the state-run gas utility firm signed a contract with French energy giant GDF Suez to buy about 0.8 million tons of liquefied natural gas from 2013 to 2014.
HCL Infosystems is tumbling 6.7 percent on the buzz that PC maker Lenovo may buy the promoter stake in the company for around Rs.500 crore. Larsen & Toubro is down 0.2 percent after the engineering & construction giant decided to sell its plastics machinery business to Japan's Toshiba Machine for an undisclosed sum.
Telecom stocks are turning in a mixed performance after the Supreme Court extended the deadline for auction of cancelled 2G spectrum licenses to January 11 from August 31. Bharti Airtel is down marginally and Idea Cellular is losing 0.2 percent, but Reliance Communication is moving up half a percent.
Tata Steel is gaining 0.7 percent on fund raising reports. Alstom India is adding a percent after reportedly winning a Rs. 2,800-crore turnkey contract from Power Grid Corporation of India.
Indian shares fell for the second straight session on Monday, with benchmark indexes Sensex and the Nifty falling 0.6 percent and 0.7 percent, respectively, as higher crude prices amid concerns about a disruption to supplies from the Gulf of Mexico and hints of another round of stimulus by the Federal Reserve sparked fears over India's persistent high fiscal deficit and a worsening trade deficit.
by RTT Staff Writer
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