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Sensex, Nifty Snap Three-day Winning Streak
(RTTNews) - Indian shares ended modestly lower on Wednesday to snap a three-day winning streak.
Weak global cues weighed after no new progress was made in talks between the White House and U.S. congressional leaders to raise the federal debt ceiling and avoid a potential default next month.
The FOMC minutes also remained on investors' radar following recent dovish tones in Fed speeches.
The minutes from the Federal Reserve's May meeting are slated for release later in the day, with investors awaiting further clarity on the central bank's thinking on interest-rate rises going forward.
The benchmark S&P BSE Sensex dropped 208.01 points, or 0.34 percent, to 61,773.78 while the broader NSE Nifty index settled down 62.60 points, or 0.34 percent, at 18,285.40.
Adani Group stocks fell on profit taking after recent strong gains. Adani Enterprises lost 6 percent and Adani Ports fell 2.2 percent.
ICICI Bank, HDFC Bank and Tata Motors all ended down over 1 percent.
On the positive side, Titan Company, IndusInd Bank, ITC, Dr Reddy's Laboratories and Sun Pharma rose 1-2 percent.
The rupee traded slightly higher in the afternoon and gold held steady while oil prices rose about 2 percent to extend gains from the previous session on concerns over tightening supply and after a warning from Saudi Arabia's energy minister that oil prices may not continue to decline.
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