Indian Markets Open Lower; BSE Sensex Down Over 400 Points

Indian stock markets opened lower on Tuesday. The S&P BSE Sensex dropped 446 points, or 1.66 percent at 26372.92. The Nifty50 fell 2 percent to 8130.50.

The Indian rupee dropped around 40 paise to 67.65 versus the U.S. dollar on Tuesday.

Tata Motors posted a profit of Rs 848 crore for the second quarter, versus a loss of Rs 1,740 crore loss last year. Its consolidated revenue increased 6.94 percent year-over-year to Rs 67,999.7 crore.

Direxion Daily India Bull 2X Shares (NYSEARCA: INDL) dropped 0.98 percent to close at $43.86 on Monday, while PowerShares India Portfolio (ETF) (NYSEARCA: PIN) rose 0.16 percent to close at $19.06.

US stock markets closed mostly lower overnight, with the Dow Jones Industrial Average gaining 0.11 percent, the S&P500 index dropping 0.01 per cent, and the Nasdaq Composite falling 0.36 percent.

US WTI crude futures on the NYMEX gained 1.78 percent to trade at $44.72 per barrel.

Top market movers among the BSE index are as follows

• Bang Overseas Ltd. rose about 13 percent to 25.45 INR.
• MVL Ltd. rose 12 percent to 0.45 INR.
• Hotel Rugby Ltd. shares surged 11 percent to 6.00 INR.
• Corporation Bank shares gained around 11 percent to 46.70 INR.

• MPS Infotecnics Ltd. dropped around 33 percent to 0.10 INR.
• Rasoya Proteins Ltd. fell around 25 percent to 0.15 INR.
• Kirloskar Electric Company Ltd. slipped 20 percent to 48.00 INR.
• PC Jeweller Ltd. shares declined 20 percent to 328.40 INR.