Indian shares slip

Indian shares slipped for the second straight session on Monday, ending down 0.7 percent as renewed concerns about the health of the global economy turned investors cautious ahead of key earnings later this week. The decline was led by technology and financial stocks on worries of a likely dampening in growth after a spate of weak economic data from China and the United States pulled down global markets.
Software services bellwether Infosys, which gets more than half its revenue from the United States, and rivals Tata Consultancy Services and Wipro were among the key losers. US jobs growth ground to a near halt in June as employers hired the fewest workers in nine months, frustrating hopes that data would start to show an improving economy into the second half of the year.
The 30-share BSE index ended 136.65 points lower at 18,721.39 points, with 23 of its components losing ground. It fell nearly 1 percent in afternoon trade. Foreign funds have bought shares worth $2.42 billion over 11 sessions to last Thursday, data from the market regulator showed, helping the main index rise for three consecutive weeks.
Infosys, which reports quarterly earnings on Tuesday, fell 1.9 percent. The company is expected to see profit growth of 16 percent for its fiscal first quarter, according to a Reuters poll of analysts. Profit at larger rival Tata Consultancy is seen rising 24 percent. TCS fell 1.3 percent, while Wipro lost 2.3 percent. Financial stocks, which had seen some respite in the past few sessions, suffered on worries that hardening interest rates are likely to impact growth. Top lender State Bank of India, ICICI Bank and HDFC Bank fell between 1 and 2 percent.
Maruti Suzuki, the country's top car maker, shed 1.8 percent after industry data showed rising interest rates, fuel prices and vehicle costs were denting demand in the world's second-fastest growing auto market. Domestic car sales for the industry rose 1.6 percent in June, the slowest pace of growth in more than two years.
Top aluminium maker Hindalco Industries fell 4.4 percent after the environment ministry delayed a final decision on allocating coal blocks for a key aluminium smelter and power plant project in central India. The 50-share Nifty index fell 0.8 percent to 5,616.10 points. In the broader market, losers beat gainers 856 to 540 on a volume of about 434.3 million shares.