Indian Markets extend losses to end 1.5% down on Tuesday - LuvKush Finserve

Markets extended losses to end 1.5% down on Tuesday, amid weak global cues, after investors turned cautious ahead of key economic data and booked profits in rate sensitive shares while the further fall in the rupee continued to weigh on investor sentiment. Metal shares also witnessed profit taking after a sharp sell-off in Jindal Steel.

The Sensex ended down 298 points or 1.5 % at 19,143 and the Nifty ended down 89 points or 1.5% at 5,789. The Central Statistics Office will release data on industrial output for April 2013 and consumer price index for May 2013 on Wednesday. Industrial output and inflation data assumes significance in wake of the rupee dropping to a record low which would direct the central bank's policy stance on Monday.

Consumer Durables index was the top loser among sectoral indices on the BSE down 6.4% followed by Metal, Realty, Bankex, Power, Oil and Gas and Auto indices among others.

Rate sensitive shares such as financials, auto and realty ended lower after the weakening rupee has dashed hopes of a rate cut by the central bank at its policy meet early next week.

In the Sensex, SBI, HDFC Bank, HDFC and ICICI Bank ended down 0.7-3.8% each. The penalty by RBI on select banking majors also weighed on the sector.

Source : Equity Bulls

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