Indian shares fell slightly on Thursday to extend losses for a third day running, after having opened higher earlier in the day.
Global cues were positive after U.S. regional bank Western Alliance Bancorp came out with a filing showing deposit increase and a statement from the White House said President Biden is “optimistic that there is a path to a responsible, bipartisan budget agreement.”
A weakening rupee and a 3 percent rally in oil prices on Wednesday served to keep underlying sentiment somewhat cautious.
Traders also waited for further signs of progress in U.S. debt ceiling talks.
The benchmark S&P BSE Sensex hit a high of 61,955.90 before reversing direction to end the session down 128.90 points, or 0.21 percent, at 61,431.74.
The broader NSE Nifty index settled 51.80 points, or 0.28 percent, lower at 18,129.95.
SBI dropped 1.7 percent and ITC fell over 2 percent after announcing their quarterly earnings results.
Power Grid Corp shed 1.6 percent, Adani Ports lost 2.9 percent and Divis Laboratories tumbled 3.2 percent.
Financials ended mostly higher, with ICICI Bank, Kotak Mahindra Bank and Bajaj Finance rising between 0.8 percent and 1.3 percent.
Market Analysis
Sensex, Nifty Give Up Early Gains To End Lower
2023-05-18 10:22:48
