Sensex, Nifty End Lower Ahead Of GDP Data

(RTTNews) - The Indian markets fell modestly on Monday, tracking weak cues from Asia and Europe as continuing volatility in Chinese shares, expectations of a near-term increase in U.S. interest rates and news of a new round of elections in Greece kept investors nervous.

Besides global cues, investors also looked ahead to first-quarter GDP data slated for release later in the day and August manufacturing and services data due this week for further direction.

After rallying in the previous two sessions, the benchmark index BSE Sensex ended the day down 109.29 points or 0.41 percent at 26,283.09. The broader Nifty index dropped 30.65 points or 0.38 percent to 7,971.30.

The rupee slid to 66.38 per dollar in the afternoon after a top Federal Reserve official suggested that a September rate hike is still on the table despite long-term concerns about low inflation.

While ACC, UltraTech Cement, Bharti Airtel, Power Grid Corp and BHEL fell 2-4 percent, drug makers Dr Reddy's Laboratories, Lupin and Cipla rose 3-4 percent on defensive buying.

Public sector lender Canara Bank gained 1.3 percent on reports of capital infusion by the government. Gillete India advanced 1.4 percent after posting strong results for the June quarter.