Indian shares fall 2.83 percent

Indian shares fell 2.83 percent on Wednesday, following other Asian markets, in reaction to a tumble on Wall Street as concerns persisted over a recovery in the global economy, dealers said. The benchmark 30-share Sensex fell 401.3 points to 13,769.15, its lowest level in nearly six weeks as global sentiment weakened.
Investor sentiment has been cautious after Indian Finance Minister Pranab Mukherjee this week said that the country's fiscal deficit would reach 6.8 percent of gross domestic product for the year to March 2010. "The European markets were in red and the US index futures were volatile, extending less support to our markets," said Alex Mathews, head of research with brokerage Geojit BNP Paribas Financial Services.
Losers led gainers 1,980 to 563 on turnover of 54 billion rupees (1.1 billion dollars). Tata Steel fell 35.55 rupees or 8.93 percent to 362.55 and DLF fell 23.65 rupees or 7.68 percent to 284.45. Engineering giant Larsen and Toubro fell 87.7 rupees or 5.84 percent to 1,413.85. Reliance Infrastructure fell 81.45 rupees or 7.04 percent to 1,074.7.