The market remained under pressure in morning trade with the Sensex falling more than 150 points, dragged by private banks, FMCG, auto and technology stocks. Most Asian markets were under pressure with the Hang Seng and Shanghai losing 1.7 percent each.
The 30-share BSE Sensex declined 179.63 points to 25593.98 and the 50-share NSE Nifty fell 53.15 points to 7837.60. The market breadth was also negative as aabout 959 shares declined against 711 advancing shares on Bombay Stock Exchange.
HDFC Bank, Infosys, ICICI Bank, ITC, Tata Motors, Asian Paints, M&M and Axis Bank were down around 1 percent while ONGC and SBI outperformed.
The Indian rupee opened at 2 months low at 66.95 per dollar. It has opened lower by 8 paise against previous close of 66.87. Bansi Madhavani of India Ratings said, "An uptick in US retail inflation along with firming up of oil prices have rekindled rate hike fears across markets."
Major Headlines of the day:
SBI: Looking to merge five subsidiary banks with itself
Glenmark gets FDA approval for generic Rufinamide
Ajay Piramal and Shriram Group plan to combine Finance Businesses
Trend in FII flows:The FIIs were net sellers of Rs -224.97 Cr in the cash segment on Tuesday while the DIIs were net buyers of Rs 384.67 Cr, as per the provisional figures.
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