Rate-sensitive stocks fall; declining rupee may delay rate cuts

Reuters Market Eye - HDFC Bank falls 1.4 percent, Tata Motors down 1.6 percent.

Larsen & Toubro down 1.1 percent and Axis Bank falls 1.3 percent.

Declining rupee lowers prospects of early rate cuts by the central bank.

Reserve Bank of India's monetary policy review on Dec. 2.

Most in markets expect RBI to cut benchmark interest rates by March 2015.

Rupee on Thursday fell to as much as 62.22, its lowest level since Feb. 20.

Weakness in the rupee is negative for importers and India's current account.

(Reporting by Abhishek Vishnoi)