Indian shares slightly declined on Tuesday as information technology (IT) stocks fell despite auto and realty making gains. Hopes of a rate hike pause by the U.S. Federal Reserve and Reserve Bank of India ahead of their policy meetings were overshadowed by IT stocks losing over 1%. Meanwhile, the auto index hit a new record for the third session in a row following robust May sales data. Analysts at Morgan Stanley rated India’s equity market as appealing despite high valuations, due to strong earnings growth and investment from domestic and foreign investors.
IT Stocks Weigh on Indian Shares, Dampening Hopes of Interest Rate Pause
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