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The Sensex and Nifty ended lower on Tuesday, snapping a four-day rally, as investors remained stayed cautious ahead of policy meetings by the Federal Reserve and the Bank of Japan later this week.
The BSE index fell 111.30 points or 0.39 per cent to 28,523.20, having risen as much as 0.22 per cent earlier in the session.
The broader NSE index closed 32.5 points or 0.37 per cent down at 8,775.90.
Among BSE sectoral indices, realty index fell the most by 1.94 per cent, power 0.75 per cent, auto 0.62 per cent and capital goods 0.53 per cent. On the other hand, metal index was up 0.34 per cent and oil & gas 0.18 per cent.
Top five Sensex gainers were ONGC (+1.48%), Tata Steel (+1.08%), Cipla (+0.7%), Maruti (+0.53%) and Power Grid (+0.39%), while the major losers were Hero MotoCorp (-2.43%), Adani Ports (-2.16%), Bajaj Auto (-1.96%), Bharti Airtel (-1.59%) and NTPC (-1.22%).
Fed, BOJ policy meet
The consensus is that the Fed will leave interest rates unchanged, but investors are looking for commentary and guidance for the next interest rate hike.
Meanwhile, the BOJ could make negative interest rates the primary focus of its monetary policy at the conclusion of its meeting on Wednesday.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2 per cent after major U.S. indexes ended a choppy session nearly flat on Monday.
“It's more of a global phenomenon which is affecting the market,” said R.K. Gupta, managing director, Taurus Asset Management.
Global markets
Shares hit a pause and the dollar lost ground against the yen on Tuesday, as investors awaited the outcome of Federal Reserve and Bank of Japan meetings that will both conclude on Wednesday.
Nagging doubts about the firepower left available to top central banks and a slip in oil prices made for another subdued start in Europe as the STOXX 600 dipped in and out of the red after seven falls in the last 10 days.
Asian shares edged lower on Tuesday as investors nervously awaited the outcome of two-day Federal Reserve and Bank of Japan policy meetings.
“The market is more nervous about the BOJ than the Fed as it may give the market a surprise,” said Yutaka Miura, a senior technical analyst at Mizuho Securities.
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