Sensex, Nifty Follow Global Peers Lower; IT Stocks Worst Hit

Indian shares opened lower on Wednesday, mirroring weak cues from global markets on concerns over elevated inflation in the U.S. and delayed rate cuts by the Federal Reserve.

The benchmark S&P BSE Sensex was down 530 points, or 0.7 percent, at 71,035 in early trade while the broader NSE Nifty index slid 140.10 points, or 0.6 percent, to 21,603.

Tech shares led losses, with LTIMindTree, Wipro, Tech Mahindra and Infosys all falling around 2 percent after a jump in U.S. Treasury yields.

Private sector lender HDFC Bank was down 1.8 percent.

Adani Green rose over 2 percent, Adani Ports edged up marginally and Adani Energy Solutions was little changed after Moody’s Investors Service revised its outlook on the firms from “Negative” to “Stable”.

Paytm parent One97Communications, which is facing a serious risk of exodus of customers, slumped 8.4 percent.

Gujarat Gas declined 2.3 percent on disappointing Q3 results.

Mahindra & Mahindra rose half a percent ahead of its earnings release.

Zee Entertainment Enterprises dropped 1 percent after reporting lower Q3 revenue.

BHEL edged down slightly after posting a standalone net loss of Rs. 163 crores in Q3FY24.

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