Indian stocks traded lower Tuesday as investors in the Far East reacted to weak global market cues and took the opportunity to sell shares of heavyweights. Dealers in the region said investors are taking a pause and waiting for bullish news as Indian and U.S. companies launch into earnings season.
The Bombay Stock Exchange Sensitive Index fell 169.46 points, or 1.1%, to 15,587.62.
"India is getting in sync with global markets. We have not seen the end of the unwinding in global financial markets. India has rallied to some extent recently due to short covering, but moderation of GDP growth, currency, and inflation risks remain a concern," said Stuart Smythe, head of equities for Macquarie in India.
Shares of Indian global communications company Tata Communications (TCL Quote) fell sharply by 7% after the company announced the district court of The Hague, Netherlands has upheld a decision that Tata must allow Reliance Globalcom access to FLAG Europe Asia Cable (FEA) landing station in Mumbai, which is controlled by Tata. American depositary shares of Tata finished down $1.97, at $25.48. ...
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