June 23 (Bloomberg) -- Indian stocks fell, with the benchmark index set to fall for a second day, led by Sterlite Industries (India) Ltd. after copper prices tumbled the most in four months.
Sterlite, India’s biggest copper producer, declined 4.8 percent as a stronger dollar curbed demand for commodities and the World Bank forecast a deeper global recession than estimated earlier. Hindalco Industries Ltd., the largest aluminum producer, fell 3.6 percent while Tata Steel Ltd. slid 3.2 percent.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, fell 252.04, or 1.8 percent, to 14,074.18 at 9:57 a.m. in Mumbai today. The S&P CNX Nifty Index on the National Stock Exchange lost 1.3 percent to 4,178.50. The BSE 200 Index declined 1.8 percent to 1,707.81.
“India is falling in line with global markets,” said Krish Shanbhag, the head of research at Antique Stock Broking Ltd. in Mumbai. “After a sharp rally there are bound to be bouts of corrections.”
Sterlite fell 4.8 percent to 566 rupees. Hindalco lost 3.6 percent to 81.20 rupees. Tata Steel, the biggest producer of the alloy, declined 3.2 percent to 390 rupees.
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