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Financials, metals weigh on Indian shares amid US debt-ceiling deadlock

Wednesday,   24-May-2023   04:08 PM (IST)

Indian shares snapped a three-day winning streak on Wednesday, dragged by high-weightage financials and metal stocks, as caution over the U.S. debt ceiling deadlock weighed on stock markets around the globe. The blue-chip Nifty 50 index closed down 0.34% at 18,285.40, while the benchmark S&P BSE Sensex fell 0.34% to 61,773.78. Financial stocks lost 0.80%, with ICICI Bank Ltd and HDFC Bank Ltd among the top Nifty 50 losers. Metal stocks, which jumped in the last three sessions, lost over 1.5%. Adani Enterprises Ltd, with a 17% weightage in the Nifty, lost 6% and was the top loser on the index. The stock had surged 40% over the last three sessions. Rising uncertainty over U.S. debt ceiling talks, nine days ahead of a potential default, and hawkish comments from two Federal Reserve officials, also weighed on sentiment. Asian markets remained subdued. Investors also await the minutes of the latest Fed policy meeting due at 11:30 p.m. IST on Wednesday, for cues into the U.S. central bank's future rate trajectory. Pharma stocks advanced over 1%, led by a more than 2% rise in Sun Pharmaceutical Industries Ltd after global brokerage Macquarie reiterated "outperform" rating on strong quarterly results by the company's unit Taro Pharmaceuticals. Sun Pharma was the top Nifty 50 gainer. 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.