- Rupee trims initial gains vs dollar, still up 32 paise at 61.09BSE Sensex, NSE Nifty hit record highs after Bharatiya Janata Party sweeps polls99 stocks hit 52-week high as Bharatiya Janata Party triumphs in Assembly polls, Axis Bank shares a hitBSE Sensex down 49 points, NSE Nifty flat at 0.24 pct
Both indexes snapped a three-day winning streak with other analysts uncertain about whether the rally can sustain this week.
"Indian shares can look at some consolidation as traders would digest sentiments, fundamentals, Fed tapering and RBI policy," said Brenda Kelly, analyst at IG Markets in London, late on Monday.
Shares that rallied on Monday turned into leading decliners on Tuesday. ICICI Bank Ltd fell 3.6 percent, Larsen and Toubro Ltd lost 4.1 percent, while Bharat Heavy Electricals Ltd ended 5 percent lower.
Bank shares fell 1.8 percent, retracing from their six-month high made on Monday.
Axis Bank Ltd fell 3 percent while State Bank of India ended 2.5 percent lower.
In addition, shares of electricity utilities dropped after the power regulator tightened certain rules for tariffs and operations for the sector in its draft 2014-19 guidelines. NTPC Ltd slumped 11.4 percent.
Apart from NTPC, Power Grid Corp of India Ltd fell 2.9 percent, while Tata Power Co Ltd declined 1.5 percent. However, among stocks that rose, Ess Dee Aluminium Ltd gained 7.3 percent, having earlier risen as much as 9.7 percent, after the central bank on Monday allowed the company to increase foreign investment limit on its shares.
FACTORS TO WATCH
* Tighter money market conditions, ECB stance buoy euro
* Brent rises toward $110; data shows China demand strong
* Stocks lose grip on gains, euro scales heights
* Foreign institutional investor flows