Indian shares track losses in Asian peers as interest rate worries mount
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BENGALURU - Indian shares inched lower on Tuesday, driven by a risk-off sentiment across Asian markets on prospects of aggressive policy tightening from central banks seeking to fight surging inflation.
The NSE Nifty 50 index was down 0.09% at 16,286.45 as of 0402 GMT, while the S&P BSE Sensex fell 0.07% to 54,434.19.
Nifty's IT, metal and energy sub-indexes were among the top losers, declining between 0.5% and 0.8%.
A Reuters poll found India's retail inflation likely surged to an 18-month high in April, largely driven by rising fuel and food prices and staying well above the Reserve Bank of India's upper tolerance limit for a fourth consecutive month.
The consumer price inflation data is due to be released at 1200 GMT on May 12.
India's benchmark indexes last week registered their worst week since November, dented by a surprise interest-rate hike by the RBI, foreign fund outflows and mixed corporate results.
Broader Asian equities fell to their lowest in nearly two years on Tuesday, as investors fretted about rising interest rates and lower economic growth. [MKTS/GLOB]
