Indian shares remain down

Indian shares fell for a second consecutive session on Thursday as software services exporters such as Infosys were hit by continued worries about the global demand outlook and the impact of the recent rally in the rupee on overseas profits. The session was volatile because of the expiry of September futures and options contracts at the end of the session.
Analysts continue to expect some more downside as markets consolidate after hitting a 14-month high in September following the slew of reforms announced by the government. Investors were also on hold ahead of the announcement of the government's borrowing calendar for the second half of the fiscal year ending in March due later on Thursday. "Market may see some correction in the short-term as it's overbought," said Paras Adenwala, Principal Portfolio Manager at Capital Portfolio Advisors.
However, Adenwala said gains could continue should the government announce additional fiscal or economic reforms. India's benchmark BSE index fell 0.28 percent, or 52.67 points, to 18,579.50 points, marking its second day of declines. Since hitting a 14-month peak of 18,866.87 points on September 21, the BSE index has fallen 1.5 percent. The 50-share NSE index fell 0.25 percent, or 13.95 points, to 5,649.50 points.
Technology stocks extended recent falls as investors remain worried about the global outlook, especially when the rupee has strengthened. Infosys fell 1.5 percent, after posting mild declines in each of the two previous sessions. Tata Consultancy Services fell 1.1 percent.
Shares in Voltas dropped 6 percent after the company told analysts the air conditioner and cooling products maker was expecting more downside to its margins and revenue growth across its business segments. Among gainers, UltraTech Cement gained 3.5 percent, while drug maker Lupin added 1.9 percent. Both stocks will replace Steel Authority of India and Sterlite Industries in India's main NSE index from Friday.
But SAIL fell 4 percent and Sterlite fell 3.3 percent, also underlining the negative sentiment prevailing on the materials sector even as valuations are at multi-year lows. Fertiliser shares rose on hopes the government would raise subsidised urea prices. Rashtriya Chemicals & Fertilisers gained 5.7 percent, while Chambal Fertilisers and Chemicals Ltd gained 4.8 percent.
Sentiment was also helped by a more favourable outlook for winter crops after rainfalls picked up in the late monsoon season. United Spirits gained 10.2 percent on rising hopes the Indian spirits maker controlled by billionaire Vijay Mallya will clinch a deal to sell a stake to Diageo Plc.