Sensex, Nifty Snap Four-day Winning Streak
(RTTNews) - Indian shares ended slightly lower on Wednesday to snap a four-day winning streak, as renewed concerns about inflation and the risk of recession weighed on the rupee, which fell 19 paise to close at a new record low of 79.04 against the dollar.
Rising oil prices also weighed on sentiment. Oil prices were modestly higher in European trade after having risen for three straight sessions amid signs of tight supply.
The benchmark S&P BSE Sensex dropped 150.48 points, or 0.28 percent, to 53,026.97 as a weaker-than-expected U.S. consumer confidence reading fueled worries over a recession and dented investors' appetite for riskier assets globally.
The broader NSE Nifty index ended down 51.10 points, or 0.32 percent, at 15,799.10. Tata Consumer Products, Axis Bank, Apollo Hospitals Enterprise, Hindustan Unilever and HDFC Life fell 3-5 percent in the Nifty pack, while heavyweight Reliance Industries rose 1.9 percent after chairman Mukesh Ambani announced a succession plan.
ONGC jumped 2.9 percent, tracking gains in crude prices. Coal India, Sun Pharma and NTPC rose 1-2 percent.
Fed Chair Jerome Powell, ECB President Christine Lagarde and BOE Governor Andrew Bailey will be speaking at the ECB forum on central banking in Sintra, Portugal later in the day.
Also, U.S. final GDP data for the first quarter is due in the New York session.
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