Sensex falls; banks down, Tata Steel rises

Reuters Market Eye - The BSE Sensex is down 0.2 percent, while the Nifty is down 0.47 percent, heading towards their fifth consecutive day of decline.

Bank shares lead the decline on fears of foreign selling after rupee hits another record low.

ICICI Bank Ltd is down 2.5 percent, while HDFC Bank Ltd falls 2.3 percent.

Shares in metal companies gain on expectations for a pickup in China after HSBC said its preliminary purchasing managers' index rose to 50.1 in August, a five-month high and just above the 50 level that separates growth from contraction.

Tata Steel Ltd gains 4 percent, while Hindalco Industries Ltd is up 1.3 percent.

 

(Reporting by Abhishek Vishnoi)