Indian shares lower

Indian shares ended lower for a second day, weighed down by jittery global stocks on fears of repeat elections in the euro zone's third-largest economy, Italy, with investors trimming exposure to riskier assets. The broader NSE index closed 0.18 percent lower at 10,614.35, while the benchmark BSE index was down 0.12 percent at 34,906.11.
ICICI Bank and Housing Development Finance Corp contributed the most to the index fall. "This is a spillover from fall in global markets due to political situation in Italy. With crude prices falling and rupee firming, domestically, things have improved. But globally, the picture is still uncertain around Europe," said Neeraj Dewan, Director at Quantum Securities. Financials fell, with heavyweights Housing Development Finance Corp and ICICI Bank Ltd falling 0.9 and 1.6 percent, respectively. Among the decliners, shares of Glenmark Pharmaceuticals Ltd fell 2.9 percent after the Mumbai-based drugmaker posted a 17 percent fall in quarterly profit on Tuesday. Indian oil refiners and retailers also took a hit after Indian Oil Corp Ltd (IOC) slashed pump prices for petrol and diesel. State-run IOC, Bharat Petroleum Corp and Hindustan Petroleum Corp control most of the retail fuel market in India.