Indian shares edged lower on Wednesday as investors traded with caution after the International Monetary Fund (IMF) lowered global economic growth outlook. Losses in financials also weighed on the main board.
"While India maybe among the fastest-growing economies of the world, a slowdown in global growth would definitely hurt (the markets) along with factors like higher crude prices," said Siddhartha Khemka, head of retail research at Motilal Oswal Securities. The broader NSE index was down 0.18 percent at 11,651.45 as of 0633 GMT, while the benchmark BSE index was 0.20 percent lower at 38,859.83.
Among financials, index heavyweight HDFC Bank Ltd lead the decline. The private-sector lender was down 1.3 percent. Aluminium producer Hindalco Industries Ltd fell to its lowest in over a month after reporting a spillage at its Jharkhand plant. Stock fell as much as 3.45 percent. Among gainers, Reliance Industries Ltd and Oil and Natural Gas Corp Ltd rose over 1 percent each, taking the energy index 0.2 percent higher.
Comments
Comments are closed.