Plus   Neg

Sensex, Nifty Give Up Initial Gains To End Modestly Lower

Indian shares closed lower for the seventh straight session on Wednesday as global sentiment changed from unbridled optimism to skepticism and the Reserve Bank of India ( RBI ) warned of higher government spending feeding into inflation after keeping interest rates unchanged for a third straight meeting, as widely expected.

Markets opened on positive note but couldn't sustain initial gains as U.S. stock futures fell during late Asian trading hours.

The benchmark BSE Sensex gave up earlier gains to end the session down 113.23 points or 0.33 percent at 34,082.71, with telecom, IT, metal and banking stocks coming under selling pressure. The broader Nifty index dropped 21.55 points or 0.21 percent to 10,476.70.

Infratel, Wipro, Yes Bank, Bharti Airtel and Vedanta fell 2-3 percent in the Nifty pack, while Coal India, ONGC, BPCL, Aurobindo Pharma and HPCL climbed 2-5 percent.

Drugmaker Cadila Healthcare lost 2 percent on a Bloomberg report that the U.S. health regulator is conducting a surprise inspection at its Moraiya unit.

Cipla rose over 1 percent and IPCA Laboratories jumped 3 percent after reporting their quarterly results.

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