Indian shares gave up early gains to end lower on Wednesday, as investors awaited the release of minutes from the Federal Reserve’s most recent policy meeting for additional clues around upcoming rate hikes and the Fed’s balance sheet reduction plan.
The benchmark S&P BSE Sensex ended the session down 303.35 points, or 0.56 percent, at 53,749.26, extending losses for the third day running.
The broader NSE Nifty index slipped 99.35 points, or 0.62 percent, to 16,025.80 after an extremely volatile session.
Asian Paints plunged as much as 8 percent and Berger Paints plummeted 6.8 percent after Grasim Industries doubled the capital expenditure (capex) for its foray into the paints business to Rs 10,000 crore.
IT stocks fell across the board after global brokerage firm Nomura Research forecast a potential slowdown for information technology services demand in fiscal year 2024.
Growth rates on spends are likely to decelerate constrained by fast challenging macroeconomics conditions, expected Fed tightening and profit warnings by corporates across the globe, the report said.
Infosys, TCS, Wipro and Tech Mahindra gave up 2-3 percent.
Among other decliners, UPL, Divis Laboratories and Adani Ports lost 3-6 percent.
Sensex, Nifty Extend Declines For Third Day
2022-05-25 10:37:47
