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Indian shares experienced a decline on Tuesday, following a robust surge in the previous session, primarily influenced by a downturn in financial stocks after Bajaj Finance reported a deterioration in asset quality during the December quarter.
As of 11:04 a.m. IST, the blue-chip NSE Nifty 50 index registered a 0.16% decline at 21,702.60 points, while the S&P BSE Sensex witnessed a 0.29% fall to 71,731.20 as of 11:40 am IST.
Bajaj Finance lost about 5% to hit a five-month low and was the top Nifty 50 loser. The company posted a smaller-than-expected rise in quarterly profit, while its asset quality deteriorated.
"Unsustainable valuations and cooling off in earnings across segments remain worrisome for the market," said Dipan Mehta, founder and director at Elixir Equities.
"Post key events like (India's) budget and Fed policy this week, we see scope for correction, time-correction or price-correction," Mehta added.
The Indian government is due to announce the federal budget on Thursday.
The highest weighted of the 13 major sectors, financial services dropped 0.5%.
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West Bengal
Bihar
Uttar Pradesh
Jharkhand