Sensex, Nifty Drift Lower As China Sets Modest GDP Target

Indian shares were a tad lower on Tuesday, mirroring weak cues from other Asian markets after China set this year’s GDP growth target at 5 percent.

Investors also awaited Federal Reserve Chair Jerome Powell’s congressional testimony and key jobs data for further clues on the U.S. central bank’s rate trajectory.

The benchmark S&P BSE Sensex was down 166 points, or 0.2 percent, at 73,710 while the broader NSE Nifty index was down 42 points, or 0.2 percent, at 22,363.

Tata Motors jumped 4.5 percent after it decided to demerge its businesses into two separate listed companies.

NBCC climbed 1.7 percent on bagging a work order worth Rs 92 crore from the Post Graduate Institute of Medical Education and Research (PGIMER), Chandigarh.

NTPC gained 1 percent. its subsidiary, NTPC Green Energy, has signed a joint venture agreement with Uttar Pradesh Rajya Vidyut Utpadan Nigam for the development of renewable power parks and projects in Uttar Pradesh.

Swan Energy advanced 1.4 percent after its LNG arm prepaid Rs 2,206 crore debt.
Macrotech Developers added 1.4 percent after launching a QIP issue.

IIFL Finance plunged 20 percent after the Reserve Bank of India (RBI) ordered the company to “cease and desist” from sanctioning or disbursing gold loans with immediate effect.