Sensex, Nifty End Lower Ahead Of Powell's Testimony
(RTTNews) - Indian shares ended slightly lower on Tuesday after hitting new record highs for three consecutive sessions.
A cautious undertone prevailed as investor focus shifted to the upcoming ECB rate decision and Federal Reserve Chair Jerome Powell's congressional testimony.
Also, there was some disappointment from the lack of fresh supportive measures in top consumer China.
The benchmark S&P BSE Sensex dropped 195.16 points, or 0.26 percent, to 73,677.13 - snapping a four-day winning streak.
The broader NSE Nifty index settled 49.30 points, or 0.22 percent, lower at 22,356.30.
Bajaj FinServ and Bajaj Finance led losses to fall around 4 percent each while FMCG giant Nestle India lost 2 percent.
TCS and Infosys fell around 2 percent each amid concerns over near-term earnings in the information technology sector.
Among the prominent gainers, Tata Motors rallied 3.6 percent after it decided to demerge its businesses into two separate listed companies.
ONGC, SBI, Bajaj Auto and Bharti Airtel rose 2-3 percent.
PSU banks witnessed buying, with IOB shares surging nearly 10 percent.
Cues from Asia and Europe were sluggish while the dollar held steady despite comments from Atlanta Fed President Raphael Bostic that there was no urgency to cut interest rates.
On Monday, Bostic emphasized the necessity of seeing "more progress" on inflation reduction but said he still thinks it will likely be appropriate for the Fed to approve two quarter-point rate cuts by the end of this year.
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