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Mumbai: Indian shares surrendered an early rise and fell 0.6 per cent on Tuesday, with top mobile services operator Bharti Airtel Ltd sliding two per cent after a potential rival emerged for South Africa's MTN Group.
Traders said investors were cautious because of the cloudy outlook for companies as six-year high interest rates squeeze consumer spending.
"There is too much uncertainty around - inflation is showing no signs of cooling off, domestic growth is slowing down and economists are shooting in the dark on where the Indian economy is heading," said Deepak Singh, an independent analyst in Bangalore.
The 30-share BSE index ended 0.64 per cent, or 108.04 points, lower at 16,752.86, with 18 components in the red, after rising 1.3 per cent during trade. In the broader market, gainers beat losers 1,405 to 1,305 on volume of nearly 414 million shares.
The index, which gained 10.5 per cent in April, is down 17.4 per cent in 2008.
Data showed industrial output grew three per cent in March from a year earlier, the slowest pace in six years, as a tighter monetary policy crimped demand.
Bharti Airtel fell 2.03 per cent to Rs821.25 rupees, its lowest close since May 7, after etisalat said it was evaluating a bid for MTN.
Pakistan: Karachi rises 1.8%
Pakistan's benchmark Karachi Stock Exchange 100 Index rose 255.89 points, or 1.8 per cent, the most in four months, to 14,542.50.
MCB Bank rose Rs18.04, or by its five per cent daily limit, to 378.84. United Bank rose Rs5.25, or 3.8 per cent, to 142.
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