BENGALURU: Indian shares extended losses for a second session on Tuesday, dragged by financials and as sentiment soured after Tata Consultancy Services Ltd and Infosys Ltd reported weak quarterly earnings amid uncertainty over client spending.
The Nifty 50 fell 0.26% to 17,660.15, while the S&P BSE Sensex closed 0.31% lower to 59,727.01.
The Nifty had snapped a nine-day winning streak in the previous session and formed a bearish engulfing pattern, suggesting bearish bias.
Five of the 13 major sectoral indexes declined on Tuesday, with high-weightage financials shedding over 0.3% Information technology stocks, which led the correction on Monday, added 0.59%.
Valuations in the sector are attractive for long-term investors after the recent correction, said two analysts, even as they flagged near-term headwinds due to a slowdown in the banking, finance, services and insurance (BFSI) segment in the US and Europe.
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