* BSE falls 0.36 pct; NSE ends 0.42 pct down
* Lupin drops as domestic sales falter
* Fed tapering scare adds to rupee woes
By Himank Sharma
MUMBAI, Aug 7 Indian shares retreated for a
second straight session on Wednesday as drugmaker Lupin slumped
after domestic revenue fell, while Tata Motors was hit after
reporting a 23 percent drop in quarterly profit.
Weaker Asian shares also weighed after the Chicago Federal
Reserve Bank President, Charles Evans, said the U.S. central
bank could scale back bond buying later this year and, depending
on data, could do so next month.
Indian stocks have fallen in 10 of the last 11 trading
sessions, as investors turn wary of slowing growth and the rupee
that tumbled to a record low on Tuesday despite the
central bank's cash-draining measures.
"We need to see what sort of policy measures the government
will take to build confidence around the currency at this point,
and there's some nervousness in the market about that," said
Neelesh Surana, equities head at Mirae Asset Management.
The benchmark BSE index fell 0.36 percent, while
the broader NSE index dropped 0.42 percent.
Drugmaker Lupin dropped 6.68 percent after
April-June domestic revenue fell 5 percent from a year earlier,
with sales slowing at home as well as in Japan.
Tata Motors Ltd slid 3.01 percent after April-June
net profit fell 23 percent from a year earlier, missing
Information technology companies fell as investors booked
profits on recent gains from the weak rupee. HCL Technologies
Ltd fell 4.01 percent, while Tata Consultancy Services
Ltd dropped 2.53 percent and Infosys Ltd
closed down 0.8 percent.
However, recent heavy losers such as Yes Bank Ltd,
Bharat Heavy Electricals Ltd and Coal India Ltd
gained on value-buying by some investors.
State-run Oil and Natural Gas Corp Ltd ended 2.02
percent higher after Credit Suisse and Barclays upgraded the
stock, citing valuations and upside to earnings.
For additional stocks on the move double click
FACTORS TO WATCH
* Dollar slips but Fed tapering likely to support it
* Oil falls below $108 as supply worries ease
* Fed tapering fears spark share selloff
* Foreign institutional investor flows
* For closing rates of Indian ADRs
ASIA-PACIFIC STOCK MARKETS:
Pan-Asia........ Japan....... S.Korea...
S.E. Asia....... Hong Kong... Taiwan....
Australia/NZ.... India....... China.....
Wall Street .... Gold ....... Currency..
Eurostocks..... Oil ........ JP bonds...
ADR Report ..... LME metals. US bonds..
Stocks News US.. Stocks News Europe
DIARIES & DATA:
Indian Data Watch Asia earnings diary
U.S. earnings diary European diary
Indian diary Wall Street Week Ahead
Eurostocks Week Ahead
For top Asian company news, double click on:
U.S. company news European company news
Forex news Global Economy news
Technology news Telecoms news
Media news Banking news
Politics/General Asia Macro data <ECONASIA
(Editing by Subhranshu Sahu)