Indian shares shed 0.53 percent on Thursday, as fears of a delay in the monsoon hit sentiment, even as investors rolled over positions at the expiry of the monthly futures contract, dealers said. The benchmark 30-share Sensex fell 77.11 points to 14,345.62.
The markets were choppy on concerns over the delay in the monsoon season. Automobile and consumer goods stocks fell on fears that rural demand could be impacted due to the lower-than-expected monsoon rains. The markets continued to consolidate ahead of the Indian budget next month.
The Congress party-led government will present its budget on July 6 and its focus is expected to be on spurring growth even at the risk of a wider fiscal deficit. "Investor sentiment was cautious due to the monsoon forecast," said Manoj Kakaiya, dealer with brokerage ULJK Securities. Gainers led losers 1,410 to 1,214 on turnover of 56.23 billion rupees (1.15 billion dollars). Maruti Suzuki India fell 32.9 rupees or 3.1 percent to 1,026.9. Tata Steel fell 8.6 rupees or 2.12 percent to 397.95. Tata Motors slipped 19.4 rupees or 5.43 percent to 337.6.