MUMBAI: Indian shares fell on Tuesday, snapping three straight sessions of gains, as oil marketers slid after Brent crude jumped to over two-year highs, and as banking stocks declined following three consecutive sessions of rises.

The broader NSE index ended 0.8 percent lower at 10,240.15, while the benchmark BSE index closed down 0.68 percent at 33,227.99. Both the indexes gained over 2.6 percent each in the previous three sessions.

The Nifty Bank index finished 1.1 percent lower after rising 2.2 percent in the previous three sessions.

India’s central bank last week kept its policy rate steady at 6.00 percent as widely expected, but slightly softened its language on inflation by saying risks were “evenly balanced.”

Bond markets took solace that the statement was not as hawkish as some had feared after a recent spike in inflation.

“A sustained rise in crude oil from these levels would pose a risk in terms of imported inflation and its attendant impact on bond yields,” said Sunil Sharma, Chief Investment Officer at Sanctum Wealth Management.

“However, that’s offset by expectations of December-quarter corporate earnings growth in the double-digits and the pattern of earnings growth will be sustained in 2018.”

The Nifty Bank index fell as much as 1 percent after gaining 2.2 percent in the last three sessions. ICICI Bank Ltd and State Bank of India, among the biggest losers, were down as much as 1.2 percent and 1.4 percent, respectively. Oil marketers Hindustan Petroleum Corporation Ltd, Bharat Petroleum Corporation Ltd and Indian Oil Corp lost as much as 2-3 percent.—Reuters