FX.co ★ India Stocks Snap 2-Day Gains

The Indian stock market experienced a decline of 797 points, or 1.0%, reaching 81,433 during Tuesday morning's trading session. This downturn erased the gains achieved in the previous two sessions, with most sectors showing weakness, notably in information technology and financials. The BSE Sensex retracted from its peak level, almost the highest in two weeks, recorded the day before. Concurrently, the Nifty 50 index decreased by 0.9%, falling below the 24,800 mark, while small-cap and mid-cap stocks remained stable. Traders exhibited caution in the absence of significant market drivers, focusing instead on the impending release of India's industrial and manufacturing output data, alongside the first-quarter GDP figures expected later this week. Projections suggest that the country's industrial production growth will decelerate to 2% in April, marking its slowest rate in eight months. In contrast, U.S. markets were closed on Monday due to a holiday. Among the notable decliners were UltraTech Cement, dropping by 2.2%, NTPC and Axis Bank both decreasing by 1.4%, and Mahindra & Mahindra, along with JSW Steel, which also fell by 1.3%.