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Sensex, Nifty Edge Lower As Investors Await US Inflation Data
(RTTNews) - Indian shares moved in a tight range before ending slightly lower on Tuesday, as Chinese trade data disappointed and the dollar resumed its upward trajectory ahead of key U.S. inflation readings that might influence the Fed's plans for possible interest rate hikes.
Federal Reserve governor Michelle Bowman said Monday at a Fed Listens event that more interest rate rises 'will likely be needed' despite softer reports on jobs and inflation recently.
The benchmark S&P BSE Sensex ended the session down 106.98 points, or 0.16 percent, at 65,846.50 while the broader NSE Nifty index settled 26.45 points, or 0.13 percent, lower at 19,570.85.
Metal stocks such as JSW Steel and Hindalco lost about 2 percent each after data showed China's exports and imports both sank at their fastest pace since the 2020 COVID-19 pandemic in July, threatening recovery prospects in the world's second-largest economy.
Divis Laboratories, Mahindra & Mahindra and Adani Enterprises gave up 2-3 percent.
On the positive side, Tech Mahindra, Cipla, Hero MotoCorp and SBI Lift climbed 2-4 percent.
Emami jumped 6.7 percent after reporting an 87 percent rise in quarterly profit.
Car maker Maruti Suzuki edged up slightly after saying it would issue equity shares on a preferential allotment basis to Suzuki Motor Corporation (SMC), as consideration for the acquisition of 100 percent stake of SMC in Suzuki Motor Gujarat Private Limited (SMG).
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