Indian shares finished notably lower on Wednesday, giving up early gains as investors awaited the release of minutes from the Federal Reserve’s monetary policy meeting later in the day for further clarity on when the U.S. central bank will start to cut interest rates.
The benchmark S&P BSE Sensex fell 434.30 points, or 0.59 percent, to 72,623.09 while the broader NSE Nifty index settled 141.90 points, or 0.64 percent, lower at 22,055.05.
PSU stocks suffered heavy losses, with Power Grid Corp, Coal India, NTPC and BPCL falling 3-4 percent.
IT stocks such as Infosys, TCS, HCL Technologies, Tech Mahindra and Wipro lost 1-2 percent as traders waited for U.S. chipmaker Nvidia’s quarterly earnings report for direction.
The highly anticipated report will shed light on the booming AI business in the tech space.
Global cues were mixed, the dollar steadied, and gold hovered at over one-week high while oil extended overnight losses on demand concerns.
Market Analysis
Sensex, Nifty End Lower; IT And PSU Stocks Suffer Heavy Losses
2024-02-21 10:38:30
