Sensex Snaps Three-day Winning Streak; Nifty Ends Down 13 Points

(RTTNews) - Indian shares fell on Tuesday, pressured by mixed global cues, a weaker rupee and profit taking after three days of gains.

Market sentiment was also dented after global rating agency Standard & Poor's (S&P) dashed the government's hope for a rating upgrade for at least another two years, saying it believes public finances and fiscal constraints including losses at state electricity boards and the high exposure of India's banks to government debt will likely remain key rating constraints for some time.

The benchmark index S&P BSE Sensex swung between gains and losses before ending the session down 58.09 points or 0.21 percent at 27,306.83. The broader CNX Nifty index dropped 13.40 points or 0.16 percent to close at 8,261.65.

Metal and energy stocks like ONGC, Hindalco, Cairn India and Vedanta fell 2-6 percent as investors continued to fret about slowing growth in China. Tata Steel tumbled 3.2 percent after announcing 1200 job cuts in Britain.

Infosys, TCS, Power Grid Corp, Tata Power and Bosch gained 1-2 percent. Nestle India rose half a percent. Karnataka and Gujarat have lifted ban on manufacturing and sale of its popular instant food brand Maggi Noodles.