Sensex, Nifty Slip Into Red On Weak Asian Cues

Indian shares gave up early gains to slip into the red on Tuesday.

A cautious undertone prevailed as the odds narrowed on a July rate rise by the ECB and Snapchat owner Snap Inc cut its revenue and profit forecasts below the low end of its previous guidance, sending shares plunging as much as 28 percent in after-market trading.

Lingering concerns around China’s zero-COVID policy and increasing concerns over the potential for a recession also weighed on sentiment.

The benchmark S&P BSE Sensex was down 20 points at 54,268 after ending marginally lower on Monday, dragged down by metal stocks.

The broader NSE Nifty index was down 9 points at 16,206, tracking weak cues from other Asian markets.

Hindustan Unilever, Grasim and Divis Laboratories fell 3-4 percent in the Nifty pack, while JSW Steel, Tata Steel, Bajaj Auto, IndusInd Bank and Mahindra & Mahindra all rose over 1 percent.

Zomato soared 16 percent despite widening its March quarter net loss.

Marico was up around half a percent after it acquired a 54 percent stake in breakfast and snacks brand True Elements.

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