Sensex down by 57 pts in early trade on rate cut worries

The benchmark BSE Sensex dropped by 57.43 points to 27,903.76 in early trade due to selling in oil, IT and auto stocks even as global markets were firm after the Greece bailout deal.
The retail inflation surging to eight-month high of 5.4 per cent in June dampened the hopes of rate cut by the Reserve Bank, brokers said.
The 50-issue Nifty of the NSE fell by 11.65 points, or 0.14 per cent to 8,448 points in early trade.
The 30-share barometer, which was up by 33.85 points in pre-trade, dropped by 57 points as bluechips like Tata Motors, HDFC, Reliance and ONGC declined. The gauge had gained 387.53 points in past two sessions.

Among major losers, Tata Motors fell by 1.78 per cent, HDFC by 0.76 per cent while Hindalco, Reliance, ONGC, TCS, Infosys and ICICI Bank dropped up to 1 per cent.
Among other Asian markets, China's Shanghai Composite Index rose 0.73 per cent, while Japan's Nikkei was up by 1.50 per cent in early trade.
The US Dow Jones Industrial Average ended 1.222 per cent higher in yesterday's trade after Greece reached a bailout deal with its international creditors.