BENGALURU: Indian shares snapped a three-day winning streak on Wednesday, dragged by higher-weighted financial and metals stocks, as caution over the US debt ceiling standoff weighed on stock markets across the world.
Blue-chip Nifty 50 The index closed 0.34% lower at 18,285.40, while the benchmark S&P BSE Sensex declined 0.34% at 61,773.78.
Financial stocks declined 0.80% ICICI Bank Limited And HDFC bank Ltd. among the top nifty 50 the losers.
The metal stock, which rallied in the last three sessions, lost over 1.5%. Adani Enterprises Ltd., with 17% weightage in Nifty, lost 6% and was the top loser on the index. The stock had gained 40% in the last three sessions.
Sentiment was also weighed down by rising uncertainty over US debt ceiling talks and hawkish comments from two Federal Reserve officials nine days ahead of a possible default. Asian markets declined.
“It is wise to exercise caution,” said Prashant Tapase, senior vice-president of research at Mehta Equities Ltd.
Investors are also looking forward to the minutes of the latest Fed policy meeting, scheduled for 11:30 p.m. ET on Wednesday, for clues into the US central bank’s future rate trajectory.
Pharma shares rose over 1% in Sun Pharmaceutical Industries Ltd, led by a rise of over 2% after global brokerage Macquarie rated the company’s unit Taro Pharmaceuticals an “outperform” rating on strong quarterly results. Sun Pharma topped smelly 50 beneficiaries.
Among individual stocks, Mahindra CIE Automotive Ltd jumped nearly 5% as 3.24% equity changed hands in block deals after promoter Mahindra & Mahindra Ltd sold its entire 3.195% stake in the company.
Blue-chip Nifty 50 The index closed 0.34% lower at 18,285.40, while the benchmark S&P BSE Sensex declined 0.34% at 61,773.78.
Financial stocks declined 0.80% ICICI Bank Limited And HDFC bank Ltd. among the top nifty 50 the losers.
The metal stock, which rallied in the last three sessions, lost over 1.5%. Adani Enterprises Ltd., with 17% weightage in Nifty, lost 6% and was the top loser on the index. The stock had gained 40% in the last three sessions.
Sentiment was also weighed down by rising uncertainty over US debt ceiling talks and hawkish comments from two Federal Reserve officials nine days ahead of a possible default. Asian markets declined.
“It is wise to exercise caution,” said Prashant Tapase, senior vice-president of research at Mehta Equities Ltd.
Investors are also looking forward to the minutes of the latest Fed policy meeting, scheduled for 11:30 p.m. ET on Wednesday, for clues into the US central bank’s future rate trajectory.
Pharma shares rose over 1% in Sun Pharmaceutical Industries Ltd, led by a rise of over 2% after global brokerage Macquarie rated the company’s unit Taro Pharmaceuticals an “outperform” rating on strong quarterly results. Sun Pharma topped smelly 50 beneficiaries.
Among individual stocks, Mahindra CIE Automotive Ltd jumped nearly 5% as 3.24% equity changed hands in block deals after promoter Mahindra & Mahindra Ltd sold its entire 3.195% stake in the company.