Sensex and Nifty ended lower on Tuesday, tracking Asian peers, as investors booked profits in recent outperformers such as index heavyweight HDFC Bank Ltd, while caution prevailed ahead of the federal budget, due later this week.

 

Asian stocks retreated from record highs after a selloff in Apple shares knocked Wall Street lower, with MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.5%.

 

Indian markets have been on a record-hitting run in recent weeks, boosted by a better-than-expected corporate earnings, government measures such as a cut in the goods and services tax for certain goods and a positive economic growth forecast.

 

Investors would also take cues from the federal budget, to be presented by Finance Minister Arun Jaitley on Thursday, as the government aims to woo back rural voters and small businesses ahead of state elections.

 

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