 "Sensex falls for third straight day")
Stocks fell in a volatile trade, with the benchmark index falling for a third day, as metal producers and consumer product companies declined.
Tata Steel tumbled to its lowest level since October 2013. Vedanta, top copper and aluminum producer, slid for a third day. ITC, the largest cigarette maker, tumbled to its lowest level since September 2013. Nestle India capped its worst two-day fall since June 2006 after some states banned sales of its Maggi noodles, pending lab tests.
The BSE Sensex declined 24 points, or 0.1 per cent, to 26,813.42 at the close, paring an intra-day loss of 1.1 per cent in the last hour of the session. The gauge has dropped 3.7 per cent so far this month on concern that poor rains will discourage the central bank from adding to three interest-rate cuts this year, which might delay a recovery in corporate earnings. Profits at the Sensex companies fell for a second straight quarter in March, data compiled by Bloomberg show.
The National Stock Exchange (NSE) Nifty, after slipping below the 8,100-mark to touch the day's low of 8,056.75, staged a strong comeback to wipe off most losses on value buying towards the end and settled the day 4.45 points or 0.05 per cent down at 8,130.65.
Reserve Bank of India Governor Raghuram Rajan cut the key rate by 25 basis points on Tuesday, saying he would assess the monsoon before acting again. The rate decision came two hours before the government said this year's rainfall was forecast to be even less than its prediction in April.
Tata Steel plunged 2.6 per cent, the worst performer on the Sensex, and Vedanta fell 2.2 per cent. Hindalco Industries dropped for a 10th day, the longest losing streak since January 2014. ITC slid 0.9 per cent. Hindustan Unilever, India's biggest home products maker, fell to a five-month low.
Nestle India slumped three percent, extending Wednesday's 9.1 per cent tumble.
Tata Steel tumbled to its lowest level since October 2013. Vedanta, top copper and aluminum producer, slid for a third day. ITC, the largest cigarette maker, tumbled to its lowest level since September 2013. Nestle India capped its worst two-day fall since June 2006 after some states banned sales of its Maggi noodles, pending lab tests.
The BSE Sensex declined 24 points, or 0.1 per cent, to 26,813.42 at the close, paring an intra-day loss of 1.1 per cent in the last hour of the session. The gauge has dropped 3.7 per cent so far this month on concern that poor rains will discourage the central bank from adding to three interest-rate cuts this year, which might delay a recovery in corporate earnings. Profits at the Sensex companies fell for a second straight quarter in March, data compiled by Bloomberg show.
The National Stock Exchange (NSE) Nifty, after slipping below the 8,100-mark to touch the day's low of 8,056.75, staged a strong comeback to wipe off most losses on value buying towards the end and settled the day 4.45 points or 0.05 per cent down at 8,130.65.
Reserve Bank of India Governor Raghuram Rajan cut the key rate by 25 basis points on Tuesday, saying he would assess the monsoon before acting again. The rate decision came two hours before the government said this year's rainfall was forecast to be even less than its prediction in April.
Tata Steel plunged 2.6 per cent, the worst performer on the Sensex, and Vedanta fell 2.2 per cent. Hindalco Industries dropped for a 10th day, the longest losing streak since January 2014. ITC slid 0.9 per cent. Hindustan Unilever, India's biggest home products maker, fell to a five-month low.
Nestle India slumped three percent, extending Wednesday's 9.1 per cent tumble.