Sensex, Nifty decline as IT, consumer stocks drag markets

Indian shares dropped from life highs to end lower on Tuesday, dragged down by losses in information technology and consumer stocks, even as global markets rose on optimism around the trade negotiations between China and the United States.

The NSE Nifty 50 index ended 0.3% lower at 12,037.70, while the S&P BSE Sensex closed down 0.17% at 40,821.30.

IT stocks fell after the rupee firmed to 71.5387 against the dollar. The Nifty IT index closed 1.18% lower, with India's second-most valuable company Tata Consultancy Services shedding 1.67%.

The Nifty FMCG index was also a laggard for the day, ending down 1.19%.

Zee Entertainment was the top loser among the Nifty stocks, dropping 7%, while ICICI Bank was the day's biggest gainer, rising 2.59%.