Indian stocks fell 2.45 percent on Tuesday, as foreign funds sold on fresh concerns over the global economic outlook, and ahead of the inauguration of US president-elect Barack Obama. The benchmark 30-share Sensex index slid 229.02 points to 9,100.55. "Weak Asian trends and overseas funds sales kept investor sentiment down," said Advait Date, dealer with BHH Securities.
Overseas funds have sold Indian equity worth 32.2 billion rupees (658.3 million dollars) this month. Shares of fraud-hit Satyam rose 5.5 percent or 1.4 rupees to 26.85 on Tuesday after media reports that the company had been approached by potential buyers.
However, the stock has fallen more than 85 percent since company founder B. Ramalinga Raju admitted the Hyderabad-based software services firm had falsified accounts by more than a billion dollars. In Tuesday's trade, losers led gainers 1,342 to 1,018 on turnover of 27.48 billion rupees. Last year, overseas funds were net sellers of Indian stocks, having sold 13.13 billion dollars in 2008.
India's largest private sector firm Reliance Industries fell 47.25 rupees or 3.84 percent to 1,182.4 rupees while the world's sixth-largest steelmaker Tata Steel slipped 13.2 rupees or 6.34 percent to 195 after media reports said its Thailand-based unit showed a sharp quarterly loss. India's third largest software exporter Wipro shed 4.2 rupees or 1.81 percent to 227.85, a day ahead of its third quarter earnings ending December.