Indian shares snapped a four-session rally to end lower on Tuesday as metal stocks retreated from record highs and financials dipped. The sentiment also took a hit following declines in Asia on US inflation worries.

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The Sensex ended 340 points lower at 49,162 while the Nifty fell 91 points to settle at 14,851.

Asian shares slipped following a weak close on Wall Street overnight, with U.S. inflation expectations surging to their highest in a decade as the economy reopens from pandemic-induced shutdowns.

"Rising commodity prices, like international steel price, are at a record high which has instilled a fear in the world market of rising inflation. Global markets are retreating in anticipation of future interest rates hikes, in which the technology sector will be heavily impacted as it has benefitted the most during a pandemic. Indian metal stocks witnessed mild profit booking while buying interest is seen in PSE stocks," said Vinod Nair, Head of Research at Geojit Financial Services.

Broader markets, however, outperformed benchmarks with the midcap and smallcap indices up around a percent each.

On the Nifty50 index, Coal India, NTPC, IOC, ONGC and BPCL were the top gainers while JSW Steel, Hindalco, Kotak Bank, HDFC, and Divi's Labs led the losses.

Among sectors, Nifty Metal and Nifty Fin Services indices fell over a percent each while Nifty Bank lost 0.8 percent. Nifty IT was also down half a percent but the energy index rose 1.7 percent for the day.

Individually, HSIL shares were locked in a 20 percent upper circuit of Rs 207.50 per share on BSE, also its 52-week high after the company reported a multi-fold jump in its net profit for the fourth quarter ended March 2021.

Alkyl Amines Chemicals was locked in a 10 percent upper circuit of Rs 3,642.30 per share, also its 52-week high after the stock turned ex-split. The company has fixed Wednesday, May 12, 2021, as the record date for determining the eligibility of shareholders for split/sub-division of equity shares.

(Edited by : Pranati Deva)

First Published:May 11, 2021 3:34 PM IST