The BSE Sensex has extended losses amid choppy trade due to somewhat profit booking. Technology, oil & gas, metals and infrastructure stocks were under pressure.
The BSE benchmark declined 92.25 points to 17,445.42 and the NSE benchmark slipped 32.7 points to 5,294.6. The Indian rupee too remained weak, falling by 53 paise to 55.47 against the US dollar.
Even along expected lines rate cut by European Central Bank (ECB) and a surprise rate cut by The People's Bank of China (PBoC) yesterday failed to cheers global markets because every market across the globe seems worried about growth in major parts (Europe and US) of the world. Asian markets like Shanghai, Hang Seng, Nikkei, Kospi, Taiwan Weighted and Straits Times fell 0.4-1%.
ECB has cut refinancing rate by 25 basis points to a record low of 0.75%. Even deposit and marginal lending rates were also cut by 25 bps. However, President of the ECB, Mario Draghi has noted that the downturn has become more widespread and demand remains weak. PBoC cut lending rates by 31 bps with 30% flexibility below reference rate and cut one-year deposit rate by 25 bps.
Back home, MET Department's statement too dented the sentiment saying monsoon rains are 49% below average in the week ended July 4.
Reliance Industries, India's most valued stock and engineering and construction major by sales Larsen & Toubro were down 1% each.
Country's largest software services exporters TCS, Infosys and Wipro moved down 0.75-1.7%. State-owned oil & gas producer ONGC slipped 1.15% and top lender State Bank of India was down 0.4%.
Among metals stocks, Jindal Steel, Tata Steel and Sterlite Industries plummeted 1.5-2.6%.
However, top commercial vehicle maker Tata Motors and utility vehicle manufacturer M&M gained 0.9% each. FMCG major HUL rose 0.9% too and housing finance company HDFC was up 0.4%.
In the second line shares, KSK Energy Ventures, Hindustan National Glass, Anant Raj Industries, Jain Irrigation