Indian shares sag

Indian share prices fell 0.64 percent on Monday in volatile trade ahead on the eve of a US Federal Reserve meeting to review interest rates, dealers said. They said the market slipped in the early afternoon trade as bourses in Europe opened lower amid a resurfacing of credit issues, this time with British mortgage lender Northern Rock.
The benchmark 30-share Sensex index fell 99.37 points to 15,504.43, off the day's high of 15,726.06. Analysts expect the US Federal Reserve to cut its 5.25 percent benchmark interest rate by quarter of a percentage point on Tuesday to ease concerns over a subprime loan crisis. "The markets were volatile. The US Fed meeting may determine near-term trends," said a dealer with brokerage Jamnadas Morarjee.