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Indian shares end lower as IT, auto drag

Wednesday,   24-Nov-2021   05:00 PM (IST)

Indian shares erased early gains to end Wednesday lower, as auto, IT and consumer stocks fell, outweighing gains in the energy and banking sectors. The blue-chip NSE Nifty 50 index ended 0.5% lower at 17,415.05, while the benchmark S&P BSE Sensex fell 0.5% to 58,340.99. A jittery broader Asian market also dented sentiment as oil prices remained volatile in the face of price-cooling moves by the United States and other countries, and amid concerns the U.S. Federal Reserve could speed up tapering of stimulus. Automobile stocks were likely reacting to automakers' lack of confidence on demand picking up in November and December, Solanki added. Auto stocks fell 1.28%, dragged lower by Eicher Motors and Maruti Suzuki, down 2.39% and 2.34% respectively. The Nifty IT index fell 1.52%, led by losses in Infosys Ltd, Larsen and Toubro Infotech and MindTree Ltd, all down between 2.3% and 3.4%. The fast-moving consumer goods sub-index was down nearly 1% on concerns over rising commodity prices impacting margins. Nifty Energy was among sub-indexes that held on to gains, ending up 0.27%, with oil prices in focus after India said it would sell 5 million barrels from its reserves in tandem with other major countries to control prices. State-run Oil and Natural Gas Corporation was the top gainer on the sub-index, rising 4.26%. Digital payments start-up Paytm rose 17.2%, climbing for a second day on Wednesday. Globally, investors have been focusing on rising COVID-19 cases in Europe, weaker economic sentiment in Germany, inflation concerns and a bagful of U.S. data ahead of Thanksgiving.