Sensex, Nifty End Off Day's Lows
(RTTNews) - Indian shares followed global peers lower on Wednesday, though falling oil prices on demand concerns helped limit overall losses.
Markets opened deep in the red as worries about slowing U.S. and Chinese growth dented investors' appetite for risk globally.
Economic activity in the U.S. manufacturing sector contracted in August for the fifth consecutive month and the 21st time in the last 22 months, raising concerns the world's largest economy is headed for recession.
Elsewhere, a private survey revealed that growth in China's services sector activity slowed in August despite the summer travel peak.
Buying emerged at lower levels as oil extended losses after falling nearly 5 percent on Tuesday amid demand concerns.
The benchmark S&P/BSE hit a low of 81,833.69 during intraday trade before ending the session down 202.80 points, or 0.25 percent, at 82,352.64.
The broader NSE Nifty index closed down 81.15 points, or 0.32 percent, at 25,198.70- giving up its 14-day winning streak.
LTIMindtree, Hindalco, ONGC, Coal India and Wipro fell 1-3 percent in the Nifty pack, while Sun Pharma, UltraTech Cement, Hindustan Unilever, Grasim and Asian Paints rose 1-2 percent.
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