Indian shares drop as tech rally loses steam; GDP data in focus
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BENGALURU - Indian shares fell on Tuesday as investors refrained from placing big bets ahead of an economic growth data, while a rally in technology stocks lost steam and Sun Pharmaceutical fell after the company logged a loss for the March quarter.
The NSE Nifty 50 index was down 0.51% at 16,574.95, as of 0350 GMT, while the S&P BSE Sensex fell 0.66% to 55,550.33. Both indexes were set to snap three straight days of gains.
Asian stocks also lost ground and the MSCI's broadest index of Asia-Pacific shares outside Japan snapped a two-day winning streak and dropped 0.2% after data showed German consumer prices increased at their fastest pace in half a century, heightening nerves about the pace and scale of looming interest rate hikes. [MKTS/GLOB]
In domestic trading, Nifty's IT sub-index paused a three-day rally and dropped 1.2%.
Shares of Sun Pharma were the top losers in the Nifty 50 index after India's biggest pharmaceutical company logged a consolidated net loss after tax of 22.77 billion rupees ($293.27 million) for the March quarter, versus a profit of 8.94 billion rupees a year ago.
Market focus was on GDP data expected later in the day. India's economic recovery from the COVID-19 pandemic likely stumbled again in the first quarter of this year primarily due to Omicron-related restrictions and rapid inflation, a Reuters poll last week showed.
