Indian shares gave up early gains to end lower on Wednesday, heading into a long holiday weekend and ahead of the all-important U.S. Federal Reserve meeting later in the day that will lay out a roadmap for tapering pandemic-era stimulus.
The Fed is also expected to provide clues about the possibility of interest rate hikes next year in the wake of the recent spike in inflation.
Closer home, the downside remained capped after a survey showed India’s services sector recorded its strongest output growth in ten and a half years in October.
The benchmark 30-share S&P BSE Sensex ended the session down 257.14 points, or 0.43 percent, at 59,771.92.
The broader NSE Nifty index settled at 17,829.20, down 59.75 points, or 0.33 percent, from its previous close.
Kotak Mahindra Bank, ICICI Bank, Bharti Airtel, IndusInd Bank and Sun Pharma fell 2-3 percent in the Nifty pack, while Larsen & Toubro jumped 4.3 percent on expectations of strong orders inflows.
UPL, Grasim, Hindalco and Asian Paints all rose over 2 percent. Property developer Sobha soared 9.5 percent on fund raising reports.
A special Muhurat Trading session will be held Thursday on the festive occasion of Diwali from 06:15 PM till 07:15 PM. There will be no trading on Friday owing to Diwali Balipratipada.
Sensex, Nifty End Choppy Session Lower
2021-11-03 10:43:52
