BENGALURU Indian shares edged lower and the Nifty 50 ended six straight sessions of gains on Wednesday as metals and banking stocks fell, while mounting uncertainties about U.S. stimulus dented global risk appetite.
The NSE Nifty 50 index was down 0.47% at 11,270.10 by 0445 GMT, while the S&P BSE Sensex fell 0.45% to 38,233.49.
Indian equities have seen broad-based gains in the last few sessions and the Nifty 50 had gained nearly 4% over the last six sessions.
“Domestically, I don’t see any reason for a strong correction and we should be back on track to making gains once there is clarity on the global front,” said Ajit Mishra, vice president, research at Religare Broking Ltd in New Delhi.
In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.76% and U.S. stocks closed lower over worries about lack of clarity about whether U.S. lawmakers would sign off on a fiscal stimulus deal.
“We are reflecting global markets, investors were anticipating fiscal stimulus but there has been some delay,” Mishra said.
In Mumbai trading, the Nifty private banking index slipped as much as 1.26% and the Nifty metal index fell 2.1%, easing from a more than five-month high.
The Nifty pharmaceutical index extended losses and was down 1.38%, led by a 3.4% drop in drugmaker Lupin Ltd.
Meanwhile, coronavirus infections in India reached 2.33 million on Wednesday after rising by more than 60,000 over the previous day. The death toll increased to 46,091.
India’s small-cap and mid-cap shares were also trading lower, falling 0.14% and 0.59%, respectively.
Among the gainers, the Nifty PSU Bank index rose as much as 3.9%, led by a 5.2% jump in Bank of Baroda. State Bank of India was up 3.9%.
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