Reuters Market Eye - The Sensex and the Nifty fall around 1 pct. Falls track weaker Asian shares after the European Central Bank took no immediate action and only signalled future steps to tackle the euro zone's fiscal woes, following earlier inaction from the U.S. Federal Reserve.
Stocks also hit after the weather office said India's monsoon rains are now expected to be deficient in 2012, signalling the first drought in three years.
Although the announcement had been largely expected, stocks dependant on rural consumption falter: tractor maker Mahindra and Mahindra
Lenders fall on worries a weak monsoon will drive up food prices, delaying any rate cuts from the RBI: ICICI Bank
