Indian shares ended Tuesday's choppy session over a percent lower as inflation fears gripped the street owing to a spike in crude oil prices and a firm dollar. Investors also await the decision of the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC), particularly its projections of the economy and inflation after the regulator raised interest rates in an off-cyle meeting last month.

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The broader NSE Nifty 50 shed almost a percent to close at 16,416 points and the benchmark BSE Sensex settled over a percent down at 55,107, falling 568 points.

Among stocks, top gainers on Sensex included NTPC, Maruti Suzuki, M&M, Bharti Airtel and index heavyweight Reliance. Titan, UPL, Dr Reddys Labs, Britannia and L&T were top losers, falling between 3 and 5 percent.

Oil companies outperformed in the weak market as higher crude oil prices and benchmark Singapore gross refining margins hitting a record high buoyed stocks. ONGC rose over 5 percent and those of Mangalore Refinery and Petrochemicals and Chennai Petroleum surged 20 percent and 15 percent, respectively.

Shares of FMCG companies fell sharply on fears of higher crude oil prices pushing input and transportation costs, raising concerns about profit margins.

Large-cap stocks like Britannia Industries, Nestle India and Hindustan Unilever fell 2-4 percent today.

Public insurer Life Insurance Corporation of India (LIC) shares hit a fresh record low of Rs 755.50, falling nearly 3 percent in trade today. The LIC share price has corrected over 10 percent in the last six straight sessions.

Meanwhile, the three-day meeting of the MPC will end on Wednesday and Governor Shaktikanta Das will read out the policy statement at 10 am.

First Published:Jun 7, 2022 4:35 PM IST