Sensex, Nifty Modestly Higher In Early Trade

Indian shares were modestly lower on Tuesday, extending steep losses from the previous session as weak global cues on fading hopes of Fed rate cuts and concerns over certain Union Budget proposals dented sentiment. Investors also await cues from the earnings season kick-starting this week.

The benchmark S&P BSE Sensex was down 60 points or 0.15 percent at 38,661 in early trade after falling over 2 percent the previous day to see its biggest single-day fall in four years.

The broader Nifty index was down 24 points or 0.21 percent at 11,535.

Titan Company shares fell as much as 10 percent after the company warned of tough conditions in the first quarter.

HDFC, Asian Paints and UPL lost around 2 percent while Eicher Motors, Hero MotoCorp, BPCL, Yes Bank and IOC climbed 1-4 percent.

Biotechnology major Biocon was little changed. The U.S. health regulator has issued 12 observations for three of its units in Malaysia.

Bharti Airtel and Vodafone Idea rose around half a percent as telecom regulator TRAI stuck to its stance on pricing of spectrum for 5G.

MindTree rallied 2.2 percent as investors await a leadership team for the mid-tier IT services company.

Tata Motors gained 0.6 percent on receiving an order for over 200 units of its sports utility vehicle Hexa from Bangladesh Army.

IT major Tata Consultancy Services shed 0.8 percent ahead of its June quarter earnings release due today.

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