Indian Shares Down Firmly In Negative Territory On Weak Global Cues

(RTTNews) - Indian shares are down firmly in negative territory Tuesday morning after opening on a weak note, tracking losses in global markets.

U.S. stocks tumbled on Monday, and Asian stocks were weak today as data showing a stronger than expected acceleration in U.S. services sector activity in the month of November raised concerns that the Federal Reserve will continue to aggressively raise interest rates.

The benchmark BSE Sensex, which dropped to 62,390.07, losing more than 440 points, is down 231.51 points or 0.37 percent at 62,603.09.

The broader Nifty index of the National Stock Exchange is down 66.30 points or 0.35 percent at 18,634.75, recovering from a low of 18,577.90.

HCL Technologies, Infosys, Dr Reddy's Laboratories, Sun Pharmaceutical Industries, Tata Consultancy Services and Tech Mahindra are down 1 to 2 percent. ICICI Bank is down nearly 1 percent.

Metal stocks, which had a strong outing on Monday, are notably lower this morning. Hindalco, Tata Steel and JSW Steel are down 1.4 to 1.7 percent.

ONGC, Hero Motocorp, Dr Reddy's Laboratories, Eicher Motors and BPCL are also notably lower.

Adani Enterprises is climbing nearly 3 percent. Hind Unilever, Bajaj Finance and Axis Bank are up 0.5 to 1 percent, while IndusInd Bank, Reliance Industries and ITC are up marginally.

Bajaj Consumer Care Ltd shares are up nearly 4 percent after the company announced that its board of directors will consider a proposal for buyback of equity shares on December 9.

The market breadth is slightly positive. On BSE, 1,732 shares are up in positive territory, while 1,460 shares are down with losses, and 173 shares are hovering around their previous closing levels.