Indian shares closed lower on Wednesday, with continued foreign fund outflows, reduced bets on larger Fed rate cuts and disappointing earnings updates from the likes of LVMH and ASML Holding weighing on markets.
The downside, nevertheless, remained capped after oil prices succumbed to heavy selling pressure the previous day following reports that an Israeli strike on Iranian oil or nuclear facilities is unlikely.
The benchmark 30-share BSE Sensex ended the session down 318.76 points, or 0.39 percent, at 81,501.36 while the broader NSE Nifty index settled at 24,971.30, down 86.05 points, or 0.34 percent, from its previous close.
Fashion retailer Trent led losses to close 3.6 percent lower at Rs. 7,830.90 while Mahindra & Mahindra shares fell 2.8 percent.
Adani Ports, Hero MotoCorp and Infosys dropped 1-2 percent.
On the positive side, Bajaj Auto, HDFC Bank, Grasim, Dr Reddy’s Laboratories and HDFC Life rose 1-2 percent.
Market Analysis
Sensex, Nifty End Modestly Lower On Weak Global Cues
2024-10-16 10:26:38
