Australian shares fall; Coles and Woolworths drag on ACCC action
Corrects to remove "ahead of RBA decision" from headline
Sept 23 (Reuters) -Australian shares fell on Monday, led by mining and consumers sectors, with traders waiting for the central bank's cash rate decision, while Coles and Woolworths dragged after the grocers were sued by the Australian competition regulator.
The S&P/ASX 200 index .AXJO fell 0.7% to 8154.5, as of 0050 GMT. The benchmark closed 0.2% higher on Friday.
Market participants now await the Reserve Bank of Australia's cash rate decision, due on Tuesday, where the central bank is expected to hold onto its 12-year high interest rate, a Reuters' poll showed.
Heavyweight miners .AXMM lost 1.2% and the sub-index was on track for its worst intraday decline since early September.
"Miners will have a grim day as iron ore prices are down 3.4% today, and aluminium is 2.2% lower," said Jessica Amir, a market strategist at trading platform moomoo.
Sector giants BHP Group BHP.AX fell 1.8% while Rio Tinto RIO.AX lost 1.3%.
Consumer stocks .AXSJ declined 3.2%, with Coles COL.AX and Woolworths WOW.AX losing 3.3% and 4.3%, respectively, after they were sued by the Australian competition regulator for misleading customers about their discount pricing.
Rate-sensitive financials .AXFJ fell 0.4%, with the country's top lender Commonwealth Bank of Australia CBA.AX losing 0.6%.
Investors are also closely looking at the local inflation reading, due later this week to gauge the RBA's monetary policy.
Property listing firm REA Group REA.AX shed 0.3% after it sweetened its offer for Britain's Rightmove.
On Friday, the U.S. Dow Jones Industrial Average .DJI rose 38.17 points, or 0.09%, to 42,063.36. The S&P 500 .SPX, .SPX lost 11.09 points, or 0.19% while Nasdaq .IXIC lost 65.66 points, or 0.36%. .N
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 fell 0.4% to 12428.63.
Reporting by Rajasik Mukherjee in Bengaluru; Editing by Rashmi Aich
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