BENGALURU, May 10 (Reuters) - Indian shares ended lower for
a third straight session on Tuesday, hit by sharp losses in
metal and energy stocks, while investors stayed on the edge over
rate hike and economic slowdown worries.
The NSE Nifty 50 index closed down 0.38% at
16,240.05, while the S&P BSE Sensex fell 0.19% to
Nifty's metal and energy sub-indexes
were among the top drags, plunging 5.2% and 4%, respectively.
Coal India, Tata Steel and Oil and
Natural Gas Corp were among the worst performers on
Nifty 50, falling between 6% and 7%.
The Indian rupee was hovering near record lows at
77.37 against the dollar.
"Global sentiment is negative because of geopolitical
uncertainty, rise in rates, so it is like a storm which has come
together but investors will have to weather it as market will
remain extremely volatile for the next few days," said Samrat
Dasgupta, chief executive officer at Esquire Capital Investment
Nifty's volatility index, which indicates traders'
expectations about market instability over the next 30 days, was
up 1.23% at 22.3025.
The Nifty's midcap and smallcap
indexes also mirrored their larger peers, falling 1.87% and
Among individual stocks, Asian Paints closed 2.7%
higher, after it reported a 20.6% jump in March-quarter
consolidated sales revenue.
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 Thursday.
India's benchmark indexes last week posted their biggest
drop since November, marking their fourth straight weekly loss,
dented by a surprise interest-rate hike by the country's central
bank, foreign fund outflows and mixed corporate results.
(Reporting by Rama Venkat in Bengaluru; Editing by Vinay
Dwivedi and Rashmi Aich)