Sensex, Nifty Drift Lower In Early Trade

Indian shares followed global peers lower on Wednesday as uncertainty prevailed over U.S.-President-election Trump’s policy stance and Fed’s policy.

Sentiment was also dented after official data showed India’s consumer price inflation accelerated in October to the highest level more than a year amid rising food costs.

Consumer prices surged 6.21 percent on a yearly basis in October, faster than the 5.49 percent rise seen in September. The expected rate was 5.81 percent.

The benchmark S&P/BSE Sensex was down 254 points, or 0.3 percent, at 78,420 in early trade after falling more than 1 percent in the previous session on concerns over FII outflows and disappointment stemming from a weak domestic earnings season.

The broader NSE Nifty index was down 120 points, or half a percent, at 23,762.

Tata Steel, Eicher Motors, Hero Moto Corp, Mahindra & Mahindra and BEL were down 2-3 percent while NTPC rose 1.4 percent and SBI Life added half a percent.

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