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Sensex, Nifty Decline On Growth Slowdown Worries
(RTTNews) - Indian shares followed global peers lower on Wednesday amid doubts over whether the Federal Reserve can avoid a bruising economic downturn.
The benchmark S&P BSE Sensex fell 342 points, or 0.6 percent, to 52,834 in early trade, while the broader NSE Nifty index was down 100 points, or 0.6 percent, at 15,750.
Bajaj FinServ, HDFC Life, Titan Company, Hindustan Unilever and IndusInd Bank tumbled 2-3 percent while UltraTech Cement and Tata Steel rose about 1 percent each.
Tata Motors fell slightly despite announcing a major price hike.
ONGC was moving lower as oil prices slipped in Asian trade after rising more than 2 percent on Tuesday amid concerns over tight global supply.
Reliance Industries fell about 1 percent. Mukesh Ambani has resigned from the board of group's telecom arm, Reliance Jio, and handed over the reins to his elder son Akash Ambani.
Bank of Baroda declined 1.3 percent after rejigging its corporate and institutional credit business.
J&K Bank advanced 1.5 percent on fund raising reports. Glenmark Pharmaceuticals lot 1 percent after it acquired certain OTC drugs from Wockhardt in the U.S. for an undisclosed sum.
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