Indian equity benchmarks extended losses to a third straight session on Tuesday dragged by financial, IT and fast moving consumer goods (FMCG) shares, as investors awaited the outcome of a key Reserve Bank of India (RBI) meeting on June 8, 2022.

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The RBI's Monetary Policy Committee (MPC) is widely expected to announce a hike in the key lending rate following its first bi-monthly deliberations since May 4, when it surprised the Street with a 40-bps increase.

In global markets, the rally in the US markets on Tuesday was not backed by any volume. Volumes overnight on the S&P500 were 23 percent below last one-month’s average. The three-day rolling consolidated volumes were the lowest in 2022.

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MSCI's broadest index of Asia Pacific shares outside Japan was up 1.2 percent at the last count.

Japan's Nikkei 225 was up one percent, China's Shanghai Composite 0.5 percent and Hong Kong's Hang Seng 1.7 percent.

S&P 500 futures edged down 0.1 percent. On Tuesday, the three main Wall Street indices made a late recovery led by tech and energy shares. The S&P 500 rose one percent, the Dow Jones 0.8 percent and the Nasdaq Composite 0.9 percent.

Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.

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First Published:Jun 8, 2022 9:11 AM IST