Indian shares gave up early gains to end modestly lower on Wednesday as investors waited for the U.S. Federal Reserve’s first cut to interest rates in more than four years.
The odds of a super-sized Federal Reserve interest rate cut later in the day have diminished after data showed U.S. retail sales unexpectedly rose in August and production at factories bounced back.
The benchmark 30-share BSE Sensex ended the session down 131.43 points, or 0.16 percent, at 82,948.23, after having hit a fresh record high of 83,326.38 during intra-day trade.
Likewise, the broader NSE Nifty index scaled a record high level of 25,482.20 before giving up all gains to close at 25,377.55, down 41 points, or 0.16 percent, from its previous close.
IT stocks were among the worst hit as U.S. Treasury yields ticked higher ahead of the Fed decision. Wipro, Tech Mahindra, HCL Technologies, Infosys and TCS fell 3-4 percent.
Financials topped the gainers list, with Bajaj FinServ, Bajaj Finance and Shriram Finance rallying 2-4 percent.
Market Analysis
Sensex, Nifty Give Up Early Gains Before Fed Decision
2024-09-18 10:30:05
