BSE Sensex heads towards third day of fall; Apollo Tyres slumps

Reuters Market Eye - The BSE Sensex and Nifty are down more than 1 percent, heading towards their third consecutive session of declines.

Asian shares hovered near 2013 lows and Japanese stocks took another dive as the prospect of less stimulus from central banks depressed sentiment, while the U.S. dollar fell further against the yen amid uncertainty over the Federal Reserve's policy outlook.

Foreign institutional investors (FIIs) provisionally sold 10.60 billion rupees worth of Indian stocks on Wednesday, selling a total of about 19 billion rupees in the last two sessions, as per exchange and regulatory data.

Apollo Tyres Ltd shares extend losses to over 17 percent as its buy of U.S.-based Cooper Tire & Rubber Co for about $2.5 billion raised concerns about its debt levels.

Sun Pharmaceutical Industries Ltd falls 3.13 percent after the company settled a patent suit with Pfizer Inc related to its acid-reflux drug for $550 million.

(Reporting by Abhishek Vishnoi)