Sensex drops first time in 3 days

Stocks fell for the first time in three days, as investors awaited a Greek referendum on creditors' proposals this weekend. Tata Motors, the owner of Jaguar Land Rover, was the worst performer on the S&P BSE Sensex. Aluminum producer Hindalco Industries and Vedanta paced declines among metal makers. Oil & Natural Gas Corp, the largest state-owned oil explorer, slid 1.2 per cent. Mahindra & Mahindra, India's largest tractor maker, rose to a one-week high. The Sensex closed lower 75 points, or 0.3 per cent, at 27,945.80, after changing directions at least 15 times. The 50-stock CNX Nifty index fell 8.15 points, or 0.1 per cent, to 8,444.90. The India VIX Index, a measure of equity option costs, dropped 1.8 per cent, a third day of decline. Investor focus shifted to the US jobs report for June and a July 5 referendum in Greece, which may determine whether the European Central Bank pulls a financial lifeline keeping the nation's economy on life support.