BSE Sensex down; breaks below 200-day moving average

Reuters Market Eye - The 50-share Nifty is down 1.5 percent at 5,588.60, below the 200-day moving average of 5,638. The benchmark Sensex is 1.2 percent down at 18,557, breaking its 200-day moving average of 18,593 and heading to its second day of falls.

Technology shares fall, with Infosys down 2.7 percent and Tata Consultancy Services 2.5 percent lower, on negative economic data from the United States, which is the biggest outsourcing market for Indian tech firms.

Bank shares also fall a day after data showed advances grew at a slower pace in 2012/13 compared with a year earlier, and fell short of the central bank's projection, hurt by lower demand for credit from companies in a slowing economy.

 

ICICI Bank is down 2.24 percent, HDFC Bank is down 0.9 percent and State Bank of India is down 1.9 percent.

However, Dr Reddy's Laboratories Ltd gained 2 percent after the company launched Zoledronic Acid injection in the United States.

(Reporting by Manoj Dharra)