The BSE Sensex and NSE Nifty pared half of losses led by buying interest in TCS and Infosys. ICICI Bank, ONGC, Tata Motors and ITC too were quite supportive. However, the selling in metals, power, healthcare stocks, and Bharti, L&T, HDFC and HDFC Bank has limited the recovery.
The BSE benchmark fell 53.22 points to 17,467.90 and the NSE benchmark was down 21.4 points to 5,295.55. Asian markets remained under pressure; Shanghai, Hang Seng, Straits Times, Nikkei and Kospi were down 1% each while Taiwan Weighted went down 0.8%.
Country's largest software services exporters TCS and Infosys rose 1.2% and 0.5%, respectively ahead of their earnings for quarter ended June 2012 that scheduled for July 12.
FMCG majors ITC and HUL were trading marginally higher. Top private sector lender ICICI Bank went up 0.3% while State Bank of India too recovered, but HDFC and HDFC Bank lost 1.25% each.
Utility vehicle maker M&M and commercial vehicle manufacturer Tata Motors gained 0.5% whereas Maruti Suzuki, Bajaj Auto and Hero Motocorp were down 0.6-1.8%.
Engineering and construction major by sales Larsen & Toubro and top telecom operator Bharti Airtel declined 1% each.
Among metals and mining stocks, Tata Steel, Jindal Steel, Coal India, Hindalco and Sterlite Industries dropped 0.5-1%.
The Indian rupee depreciated by 44 paise to 55.84 against the US dollar.
Saudi plans to double power generation
Saudi Arabia is currently overseeing the largest electrical supply expansion plan in the Middle East, with plans to increase generating capacity from 55 GW to 120 GW by 2020, said the organisers of a