Sensex, Nifty fall for fifth day led by L&T, HDFC Bank

Indian shares fell as much as one per cent on Monday and extended losses for a fifth straight session, tracking weakness in Asian peers, with index heavyweights Larsen & Toubro Ltd and HDFC Bank Ltd dragging down the indexes.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.35 per cent, while Chinese stocks remained shaky following the Federal Reserve's hawkish policy stance and S&P's downgrade of China's sovereign rating last week.

The Nifty was down 0.93 per cent at 9,871.95 as of 0546 GMT, while the Sensex was 0.83 per cent lower at 31,656.37.

Add WION as a Preferred Source

"It's a clear case of correction out there with investors taking a more cautious approach in the near term," said Siddhartha Khemka, Head of research - Equity, Centrum Wealth.

Shares of HDFC Bank Ltd and Larsen & Tourbro Ltd fell 1.5 per cent and 2.3 per cent, respectively.

The Nifty PSU Bank index was down for a third straight session, sliding as much as 2.8 per cent. Andhra Bank and Canara Bank Ltd lost more than 2 per cent each.

Tata Steel Ltd was among the top percentage losers on the index, plunging more than 4 per cent and pushing the Nifty Metal index lower.

Meanwhile, Shopper's Stop Ltd climbed to its highest since Feb. 5, 2015 after an Amazon affiliate agreed to buy a stake in the retailer.