Indian shares drop on profit-booking

BENGALURU: Indian shares fell on Tuesday, as investors booked profits on the back of weekly gains, and tracking Asian markets as the global rally driven by optimism over the US interest rate outlook came to a pause.

The blue-chip NSE Nifty 50 index lost 0.27% to 22,036.80, while the BSE Sensex shed 0.36% to 72,581.23, as of 10:52 a.m. IST. Ten of the 13 major sectors logged losses in the morning trade, with financials, banks pharma , consumer and media dropping between 0.4% and 0.7%. Index heavyweights Reliance and HDFC Bank lost 0.9% and 0.7%, respectively.

Both Nifty and Sensex rose about 0.3% each last week, while broader markets also logged gains. Asian markets fell after Wall Street equities lost ground overnight as a global rally fueled by the Federal Reserve sticking to its plan of three rate cuts in 2024 fizzled out.