Indian shares edge lower, financials drag
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BENGALURU - Indian shares dipped on Tuesday, after data showed retail inflation eased marginally last month, while investors were spooked by Wall Street hitting a bear market milestone on fears of a looming recession.
The NSE Nifty 50 index was down 0.3% at 15,727.05 as of 0354 GMT, while the BSE index fell 0.4% to 52,638.45.
India's retail inflation eased to 7.04% in May, after touching an eight-year high of 7.79% in April, but remained above the central bank's tolerance band for a fifth month in a row, suggesting it would continue with rate hikes in August.
Asian shares dropped and the S&P 500 confirmed it was in a bear market on Monday, after Goldman Sachs forecast a 75-basis-point interest rate hike at the Federal Reserve's next policy meeting on Wednesday. [MKTS/GLOB]
Financials and bank stocks weighed on sentiment in Indian markets, with the Nifty Finance index down 0.8%.
The Nifty metal index was up 0.5%, with Ratnamani Metals and Tubes the top gainer at 2.5%.
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