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Joining a bear rally in Asian and European markets, Indian stocks declined 1.4 per cent on Tuesday to its lowest close in eight weeks, dragged by metal companies as worries China's robust appetite may falter sent prices sliding in London. The BSE Sensex fell 248.94 points to 17,137.14, its lowest close since March 10. The 50-share NSE Nifty index was down 1.4 per cent to 5,148.50 points.Dealers said a drop in European stocks on concerns over Greece's bailout added to the shaky sentiment, after the market had rebounded from a lower start in the morning. Base metal prices tumbled in London with copper hitting seven-week lows on worries China may tighten monetary policy further and cause demand to thin from the world's top consumer of many base metals. Tata Steel, the world's eighth-largest steel maker by output, dropped the most in more than three months as it closed 4.9 per cent lower. Among other metal companies, Sterlite Industries fell 4.2 per cent -— its biggest fall in 2010 -— and Hindalco shed 5.8 per cent, the most in three months. Apart from China worries, a windfall tax on mining firms in Australia overshadowed a Wall Street rally and fresh hopes for Greece. The euro was at one-year lows after Germany approved its share of a 110-billion-euro rescue for debt-ridden Greece.According to a dealer, people are concerned about demand from China which is why metals declined. Also, European markets are in the red. "There is nothing positive in the near term to drive our market up," said a dealer. Asian markets ended mostly lower Tuesday, with Chinese stocks slumping to their lowest level in nearly seven months.Foreign investors have pumped $6.6 billion into Indian equities so far in 2010, but the main index is down 1.9 per cent during the period. In 2009, the index had jumped 81 per cent on the back foreign inflows of a record $17.5 billion. —With agencies
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