Indian shares gave up early gains to end lower on Wednesday despite positive global cues.
Markets gave up initial gains as Moody’s Investors Service cut India’s growth forecast for 2021 calendar year to 9.6 percent from 13.9 per cent estimated earlier, saying the second wave of COVID-19 infections hit India’s economy in April and May.
The benchmark 30-share BSE Sensex reached an intraday high of 52,912 before reversing direction to end the session down 282.63 points, or 0.54 percent, at 52,306.08.
The broader NSE Nifty index fell 85.80 points, or 0.54 percent, to settle at 15,686.95.
Adani Group stocks came under selling pressure, with Adani Ports tumbling 3.3 percent after Norwegian pension fund KLP decided to divest from its Myanmar project.
Wipro lost 2.9 percent, while JSW Steel, Shree Cement and Divis Laboratories all fell over 1 percent.
Reliance Industries dropped 0.8 percent ahead of its annual general meeting on Thursday.
Automakers advanced, with Maruti Suzuki rallying 2.3 percent to extend Tuesday’s gains.
Mahindra & Mahindra, Bajaj FinServ and Titan Company all rose more than 1 percent.
Hero MotoCorp added 0.8 percent after announcing it will raise prices of motorcycles and scooters from July 1, 2021.
IDBI Bank jumped 2.1 percent on stake sale reports.
Market Analysis
Sensex Ends 283 Points Lower; Nifty Dips Below 15,700
2021-06-23 10:48:46
