Indian shares extended losses on Tuesday after hawkish comments from Federal Reserve officials and a warning from top IT services provider TCS, with auto stocks capping some of the fall on strong sales numbers from Jaguar Land Rover.
a 15% rise in wholesale volumes for the third quarter on strong demand and improved chip supplies.
While Federal Reserve Chair Jerome Powell is expected to say on Tuesday more time is needed to show inflation is under control, markets will wait to see inflation levels at home and in the U.S., making them key to determine rate expectations. "Powell is unlikely to depart from the Fed's hawkish stance but if the CPI data confirms the declining trend in inflation, the market will get ahead and start pricing in possible rate cuts by end 2023," said V K Vijayakumar, chief investment strategist at Geojit Financial Services.
India's retail inflation held steady in December, staying within the Reserve Bank of India's comfort zone for a second month, a Reuters poll of economists found. The data is due on Thursday after market closes.
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