Sensex, Nifty Succumb To Selling Pressure Ahead Of Fed Meeting
(RTTNews) - Indian shares fell notably on Tuesday, as investors reacted to mixed earnings updates and awaited the Fed's interest-rate decision on Wednesday for directional cues.
Most analysts expect a hike between 75 to 100 basis points by the U.S. central bank at the end of a two-day policy meeting.
Top U.S. retailer Walmart cut its Q2 and full 2023-year guidance, providing further evidence of a consumer spending pullback in the world's largest economy.
Meanwhile, rising oil prices offset optimism over a rebounding rupee.
Crude prices were up around 2 percent in European trade to extend overnight gains after Russian energy giant Gazprom said that it will cut gas flows through Nord Stream 1 to 33 million cubic meters per day from July 27, which will be just 20 percent of normal capacity, citing the need to repair equipment.
The announcement heightened fears that Russia could cut off gas supplies as political leverage over the war in Ukraine, while Europe is trying to stockpile gas winter.
The benchmark S&P BSE Sensex tumbled 497.73 points, or 0.89 percent, to 55,268.49, with IT and FMCG stocks leading losses.
The broader NSE Nifty index fell 147.15 points, or 0.88 percent, to 16,483.85.
IT stocks led losses, with Infosys tumbling 3.5 percent as investors braced for earnings from U.S. tech giants like Apple, Amazon, Microsoft, Alphabet and Facebook parent Meta Platforms due this week.
Private sector lender Axis Bank gave up 2.9 percent despite posting robust June quarter results.
Kotak Mahindra Bank, Dr Reddy's Laboratories and Hindustan Unilever lost 2-3 percent.
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