Indian shares failed to hold on to recovery and ended lower on Wednesday as losses in IT and metal stocks outweighed gains in auto stocks. The Sensex ended 282 points or 0.5 percent lower at 52,306, and the Nifty50 index lost 85 points or 0.5 percent to end at 15,686.
Broader markets were also in the red with the midcap and smallcap indices down 0.2 percent and 0.4 percent, respectively. Market breadth favour declines, with the advance-decline ratio at 2:3.
On the Nifty50 index, Maruti, Titan, Bajaj Finserv, M&M, Hero Motocorp were the top gainers while Adani Ports, Wipro, Divi's Lab, JSW Steel, Shree Cement led the losses.
Nifty Auto was the only sector that ended in the day in green, rising 0.5 percent. Nifty Metal lost the most, falling over 1 percent for the day, followed by Nifty IT, Nifty Pharma, and Nifty Financials.
The shares of Reliance Industries Limited ended 1 percent lower ahead of its annual general meeting on Thursday. Maruti extended Tuesday's gains and closed the day in green, rising 7 percent in the last three sessions.
Heineken International, the Dutch multinational brewing company has acquired an additional 14.99 percent stake in United Breweries Limited (UBL) via a block deal on Wednesday. Following the report, the shares of UBL dropped nearly 3 percent on BSE to trade at Rs 1,432. Before the fall, the stock had hit a 52-week high in the morning session on Wednesday.
Adani Group stocks remained under pressure during Wednesday session. Shares of Adani Ports and Special Economic Zones' (APSEZ) fell more than 2 percent intraday on Wednesday after Norway's largest pension fund, KLP, decided to divest from its Myanmar project.
The share price of IDBI Bank gained 6 percent in early trade on Wednesday after the government kick-started the process of selling its stake in the bank by issuing Request for Proposals (RFP) to hire transaction and legal advisors for the sale.
First Published: IST