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BENGALURU: Indian shares snapped seven straight sessions of gains on Tuesday, weighed down by losses in consumer stocks, while investors assessed prospects of a less aggressive Federal Reserve on rate hikes going ahead.

The blue-chip Nifty 50 index was down 0.42% at 17,656.35 at close, while the S&P BSE Sensex ended 0.48% lower to 59,543.96. The market will be closed on Wednesday for a holiday.

“The recent rebound in the U.S market has a positive rub off on the Indian market and that has pulled the Nifty from 17,200 (earlier this month), but I believe going ahead, market will still be on its toes,” said Aishvarya Dadheech, a fund manager at Ambit Asset Management.

“We still have events of rate hikes to play out and more importantly, the remaining path of the interest rates hikes will give more cues to the market.”

Investors will focus on major central bank events, with the European Central Bank widely expected to raise rates by 75 basis points this week. Policymakers at the Federal Reserve and the Bank of England meet early next month.

Indian shares top 1-month highs in special Diwali session, led by ICICI Bank

In the broader market, Asian equities fell over concerns about China’s economy, while European stocks rose in early trading on Tuesday, as investor fears eased from signs that the U.S. Federal Reserve could slow its pace of rate hikes.

In domestic trading, Nifty’s public sector bank index closed 3.5% higher. Those gains still fell short as Nifty’s FMCG and energy indexes fell more than 1% each.

Nestle India and Hindustan Unilever were the worst performers on the Nifty 50 index, falling 2.8% and 2.6%, respectively.

Hindustan Aeronautics closed 3.7% higher. The company said it had concluded a contract worth 68 billion Indian rupees ($822.07 million) for a trainer aircraft with the Indian Air Force.

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