BENGALURU: Indian shares snapped seven straight sessions of gains on Tuesday, weighed down by losses in consumer stocks, while investors assessed prospects of a less aggressive Federal Reserve on rate hikes going ahead.

The blue-chip Nifty 50 index was down 0.42% at 17,656.35 at close, while the S&P BSE Sensex ended 0.48% lower to 59,543.96. The market will be closed on Wednesday for a holiday.

“The recent rebound in the U.S market has a positive rub off on the Indian market and that has pulled the Nifty from 17,200 (earlier this month), but I believe going ahead, market will still be on its toes,” said Aishvarya Dadheech, a fund manager at Ambit Asset Management.

In the broader market, Asian equities fell over concerns about China’s economy, while European stocks rose in early trading on Tuesday, as investor fears eased from signs that the US Federal Reserve could slow its pace of rate hikes.