India Stocks: Indian shares edge lower, IT stocks weigh

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10/01/2023 04:23

(Adds index levels)
       BENGALURU, Jan 10 (Reuters) - Indian shares were lower
in early trades on Tuesday, tracking other Asian stocks after
hawkish comments from Federal Reserve officials against
inflation. 
    The Nifty 50 index  .NSEI  was down 0.48% to 18,015.05 as of
9:32 a.m. IST, while the S&P BSE Sensex  .BSESN  fell 0.55% at
60,414.75. 
        IT stocks  .NIFTTIT  led losses on the benchmark indexes
with IT major Tata Consultancy Services (TCS)  TCS.NS  falling
2.5% after it reported 
    third-quarter profit that missed estimates. TCS and Infosys
 INFY.NS , declining 1.3%, were the top losers on the Nifty 50
index.  
        While Federal Reserve Chair Jerome Powell is expected to
say 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.
    If U.S. consumer price data confirms cooling seen in the
most recent monthly jobs report, Atlanta Fed Bank President
Bostic said he would have to take a quarter point increase "more
seriously and to move in that direction".  urn:newsml:reuters.com:*:nL1N33U1UF
    Meanwhile, 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.  urn:newsml:reuters.com:*:nL4N33U0F2   
    In other Asian equities, the MSCI's broadest index of
Asia-Pacific shares outside Japan  .MIAPJ0000PUS  was down
0.29%.  MKTS/GLOB    
 (Reporting by Rama Venkat in Bengaluru; Editing by Nivedita
Bhattacharjee)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))