The Nifty fell nearly 1 per cent today to its lowest close in about 1-1/2 months as software stocks slumped after the rupee hit a one-month high.
Indian IT exporters were hurt by the rupee that strengthened above 60 per dollar on Wednesday, boosted by gains in other Asian currencies and corporate greenback sales.
A ratings downgrade by UBS on India's second largest IT services exporter, Infosys, also weighed on sub-index for IT stocks, which fell 2.5 per cent to its lowest close since Dec. 9, 2013.
The FII's ahead of election results on May 16 also continued as they sold index futures worth Rs. 444 crore on Tuesday, resuming their five-day selling streak after a one-day halt on Monday.
Meanwhile, foreign institutional buying in Indian cash shares slowed to Rs. 45.9 crore on Tuesday, lower than the five-day average, provisional exchange data showed.
The market is likely to remain nervous till final election results come. Participation would not be heavy. Investors are booking positions and would wait to see election outcome.
The broader Nifty fell 0.93 per cent, or 62.75 points, to end at 6,652.55, its lowest close since March 27, also closing below the psychologically important 6,700 level.
The BSE Sensex lost 0.82 per cent, or 184.52 points, to end at 22,323.90, its lowest close since April 16.
Infosys slumped 3.1 per cent after UBS downgraded it to "sell" from "buy", saying a turnaround at the IT outsourcer could take longer than expected.
Tata Consultancy Services fell 1.5 per cent, Wipro ended down 1.7 per cent and HCL Technologies lost 4.5 per cent.
The stronger rupee also hit pharma's Cipla fell 2.1 per cent, while Lupin ended down 1.2 per cent.
Among other blue-chips Housing Development and Finance Corp fell 2.8 per cent, while ITC ended down 0.4 per cent.
Bucking the trend, Gujarat Pipavav Port surged 7 per cent after earlier hitting a record high of Rs. 106.45 after the port operator reported a 72 per cent surge in January-March net profit.
Indian IT exporters were hurt by the rupee that strengthened above 60 per dollar on Wednesday, boosted by gains in other Asian currencies and corporate greenback sales.
A ratings downgrade by UBS on India's second largest IT services exporter, Infosys, also weighed on sub-index for IT stocks, which fell 2.5 per cent to its lowest close since Dec. 9, 2013.
The FII's ahead of election results on May 16 also continued as they sold index futures worth Rs. 444 crore on Tuesday, resuming their five-day selling streak after a one-day halt on Monday.
Meanwhile, foreign institutional buying in Indian cash shares slowed to Rs. 45.9 crore on Tuesday, lower than the five-day average, provisional exchange data showed.
The market is likely to remain nervous till final election results come. Participation would not be heavy. Investors are booking positions and would wait to see election outcome.
The broader Nifty fell 0.93 per cent, or 62.75 points, to end at 6,652.55, its lowest close since March 27, also closing below the psychologically important 6,700 level.
The BSE Sensex lost 0.82 per cent, or 184.52 points, to end at 22,323.90, its lowest close since April 16.
Infosys slumped 3.1 per cent after UBS downgraded it to "sell" from "buy", saying a turnaround at the IT outsourcer could take longer than expected.
Tata Consultancy Services fell 1.5 per cent, Wipro ended down 1.7 per cent and HCL Technologies lost 4.5 per cent.
The stronger rupee also hit pharma's Cipla fell 2.1 per cent, while Lupin ended down 1.2 per cent.
Among other blue-chips Housing Development and Finance Corp fell 2.8 per cent, while ITC ended down 0.4 per cent.
Bucking the trend, Gujarat Pipavav Port surged 7 per cent after earlier hitting a record high of Rs. 106.45 after the port operator reported a 72 per cent surge in January-March net profit.