Sensex, Nifty Give Up Early Gains Ahead Of Fed Meeting

(RTTNews) - Indian shares gave up early gains to end modestly lower on Tuesday as caution prevailed ahead of the Federal Reserve's monetary policy announcement on Wednesday.

No change in interest rates is expected, but the accompanying policy statement and remarks by Fed Chair Jerome Powell may offer some clues on what the U.S. central bank might cut interest rates in the coming months.

The benchmark S&P BSE Sensex ended the session down 188.50 points, or 0.25 percent, at 74,482.78 ahead of a holiday for markets on Wednesday due to Maharashtra Day.

Weekly expiry of the Bank Nifty F&O contracts also dampened sentiment, with the broader NSE Nifty index settling down 38.55 points, or 0.17 percent, at 22,604.85.

Pharma, metal and tech stocks led losses, with HCL Technologies, Sun Pharma, Dr Reddy's Laboratories, Tata Steel and Tech Mahindra falling 1-2 percent.

Among the top gainers, Mahindra & Mahindra soared 4.8 percent after launching the 3X0 in India.

Bajaj Auto, Hero Moto Corp, Shriram Finance and Power Grid Corp rallied 2-3 percent.