Sensex falls; rate sensitive hit; telecom gains

Reuters Market Eye - The Sensex falls 0.60 percent, while the Nifty is also down 0.58 percent. Rate sensitive stocks fall as traders lighten positions ahead of the budget and expiry of February derivative contracts on February 28.

ICICI Bank falls 1.7 percent, while Tata Motors falls 1.8 percent.

However, shares in India's mobile network operators rallied on Tuesday, with Bharti Airtel Ltd rising as much as 9.3 percent, on expectations the government would have to cut the reserve price in the auctions of remaining airwaves.

Bharti is up 3.7 percent while Idea Cellular gains 3.5 percent at 10:43 a.m.

(Reporting by Abhishek Vishnoi)