Indian shares fall ahead of inflation data
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BENGALURU - Indian shares fell on Tuesday for a second straight session, ahead of domestic and U.S. inflation data due later in the day, with investors focusing on the earnings season for cues on the impact of price surge on companies.
The NSE Nifty 50 index was down 0.68% at 17,552, as of 0348 GMT, while the S&P BSE Sensex fell 0.66% to 58,574.93
Shares of IT behemoth Tata Consultancy Services (TCS) rose 0.5% after the company reported higher profit on Monday due to large deal signings. TCS kick-started Indian earnings season.
India's retail inflation likely sped up to a 16-month high of 6.35% in March, well above the Reserve Bank of India's upper tolerance band for a third straight month, in part due to a sustained rise in food prices, a Reuters poll found.
Meanwhile, Asian shares slid and the U.S. dollar held strong, as Treasury yields spiked to a three-year high ahead of U.S. inflation data which could foreshadow even more aggressive interest rate hikes from the Federal Reserve. [MKTS/GLOB]
(Reporting by Nallur Sethuraman in Bengaluru; editing by Uttaresh.V)
