The BSE Sensex started off trade with 36 points gap up amid volatility on Tuesday, consolidating after yesterday's sharp fall. The Indian rupee depreciated by 25 paise or 0.49% to 52.75 a dollar.
Telecom stocks continued to fall due to TRAI recommendations since yesterday. Largest telecom operator Bharti Airtel crashed 5% to below Rs 300 a share while Reliance Communications was down 1.5%. Aditya Birla Group company Idea Cellular tanked over 8%.
The BSE benchmark was down 31.39 points at 17,065.29 and the NSE benchmark fell 12.4 points to 5,188.20.
ITC, Reliance Industries, Maruti, JSPL, DLF, ONGC, Hero Motocorp and L&T were under pressure.
However, TCS shot up nearly 9% after better than expected numbers in fourth quarter of FY12. Even the company looked confident of beating NASSCOM's guidance of 11-13% for FY13.
Its rival Wipro was up 1.5% ahead of results tomorrow morning. HCL Tech rose 1.3% while Infosys was flat.
Cipla, Dr Reddy's Labs and BPCL were moderately higher.
In the second line shares, United Phosphorous tanked 5% after The Economic Times reported that CCI fined Rs 252.4 crore for price manipulation.
Kingfisher was down 3% and United Spirits dropped 1.7%.
Results reactions: Rallis India was down 7% while Ultratech Cement was up 0.5%.
Petronet LNG and ING Vysya Bank gained 0.5-1% ahead of results today.
KRBL and Kohinoor Foods surged 5.5% post China allowed imports on Indian basmati rice.
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Dont see mkt going anywhere now; like Bharat Forge: Dipen