Indian shares ended lower for the third day in a row on Tuesday, having spent the session in a narrower-than-usual trading range on caution ahead of the minutes from the U.S. Federal Reserve’s meeting amid fears of a higher-for-longer interest rate regime.
The Nifty 50 index fell 0.10% down at 17,826.70, while the S&P BSE Sensex dipped 0.03% to 60,672.72. Both benchmarks opened higher before reversing course. The Nifty traded in a 124-points range, well below this month’s daily average of around 195 points.
The minutes of the Fed’s latest policy meeting are due on Wednesday and come as recent U.S. data – on inflation, retail sales and jobs — have strengthened the case for further rate hikes, a view that two Fed officials recently advocated for.
“With the kind of domestic, as well as global economic data coming in, we might see a selling in growth stocks and buying in value stocks,” said Saurabh Jain, assistant vice-president, research, SMC Global Securities.
