Indian shares lower

Indian shares fell on Tuesday, a day after hitting a six-week high, dragged down by pharma stocks with Lupin hurting the most, and as Asian equities languished after the Bank of Japan offered a bleaker view of the country's economy.
The benchmark BSE index ended down 1.02 percent at 24,551.17, while the broader NSE index fell 1.04 percent to end at 7,460.60.
Up next, the market will closely watch the outcome of the US Federal Reserve's two-day policy meeting, beginning on Tuesday. The BoJ held policy steady as expected and said the country's exports and production have been sluggish due mainly to the effects of slowing emerging markets growth, a slightly bleaker view than the one it gave in January.
With the global economy slowing and many countries facing deflationary pressures, investors' focus remain squarely on policy decisions from major central banks.
Up next is the US Federal Reserve, on Wednesday. The Fed is not expected to raise interest rates, but investors will be keenly watching for clues about future hikes and the central bank's view on the economy.
"The market is waiting to see the Fed commentary and if at all there is any decision on the rates. If it becomes too hawkish, then that could have an impact on the market," said Dipen Shah, senior vice-president at Kotak Securities.
Data late on Monday showed India's inflation eased more-than-expected in February, which leaves the door open for the central bank to cut repo rates at its meeting on April 5.
"There is a probability that the decision might come some time before the policy. But I think since its an annual policy, the governor may take the opportunity to cut rates and give guidance for the next year," said Shah.
Among the gainers were oil retailers such as BPCL and HPCL, which rose 1.6 percent and 2 percent, respectively, after Credit Suisse said it believed refining margins would remain strong as demand-supply tightens.
IDBI Bank gained 1.5 percent on a report that the Indian law enforcement agency has not found evidence of the state-run lender's bankers being involved in money laundering.