Indian shares track broader Asia lower
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BENGALURU - Indian shares dropped early on Tuesday as domestic investors awaited a central bank interest rate decision, while global investors were nervous ahead of U.S. inflation data and key rate decisions in Europe and Australia.
The NSE Nifty 50 index was down 0.73% at 16,447.05, as of 0355 GMT, while the S&P BSE Sensex fell 0.74% to 55,258.58.
Asian shares also inched lower with MSCI's broadest index of Asia-Pacific shares outside Japan falling 0.8% ahead of a slew of economic data across the globe.[MKTS/GLOB]
Indian stock markets have seen volatile moves in the past week as worries build over stubbornly high inflation, with the Reserve Bank of India expected to follow up its unscheduled rate hike in May with another move at the policy meeting on Wednesday.
On Tuesday, banks, autos and technology stocks all fell more than 1%.
Financial services platform PB Fintech tumbled 8.3% after it said the firm's chief executive intends to sell 3.8 million shares via bulk deals on the stock exchange.
