Indian stocks give up Monday's gains; Fed chief's speech in focus

Indian stock indices gave up their accumulated gains from the previous session and opened with sizable losses on Tuesday. At the time of writing this report, Sensex traded at 60,272.34 points, down 474.97 points or 0.78 per cent, whereas Nifty traded at 17,983.60 points, down 117.60 points or 0.65 per cent. Among the Nifty sectoral indices, Nifty IT, Nifty bank, Nifty PSU bank, and Nifty financial services declined the most. TCS, among the Nifty 50 companies, was the top loser this morning. It declined over 2 per cent. Analysts attribute the decline to less-than-estimated earnings during the October-December quarter. The IT services firm on Monday reported 10.98 per cent surge in its consolidated net profit to Rs 10,883 crore for the quarter that ended December 2022 (Q3FY23). The company had posted a profit of Rs 9,806 crore in the year-ago period.