Markets trade lower ahead of inflation data

Reuters | Updated on: Apr 12, 2022

Shares of TCS rose 0.5 per cent after the company reported higher profit due to large deal signings

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 per cent at 17,552, while the S&P BSE Sensex fell 0.66 per cent to 58,574.93

Shares of IT behemoth Tata Consultancy Services (TCS) rose 0.5 per cent 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 per cent 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.

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.

Published on April 12, 2022
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