Sensex, Nifty Give Up Early Gains
(RTTNews) - Indian shares gave up early gains to end marginally lower on Wednesday.
The benchmark 30-share BSE Sensex ended the session down 138.74 points, or 0.17 percent, at 80,081.98 due to concerns over stretched valuations and continued selling by foreign institutional investors amid rising global uncertainties.
The broader NSE Nifty index dropped 36.60 points, or 0.15 percent, to close at 24,435.50.
Power Grid Corp, Shriram Finance, Eicher Motor, Sun Pharma and Mahindra & Mahindra fell 2-3 percent in the Nifty pack, while Bajaj Finance jumped 4.9 percent after Q2 net profit surged 80 percent.
HDFC Bank, Bajaj Auto, Tata Consumer Products and Tech Mahindra rose 1-2 percent.
Global cues were mixed, while the dollar and bonds remained elevated amid easing expectations of aggressive Federal Reserve rate cuts and fears the U.S. may be heading toward fiscal collapse.
U.S. Treasury yields hovered near three-month highs as traders pondered the prospect of a Donald Trump presidency.
It is feared that Trump policies including tariffs and restrictions on undocumented immigration could increase inflation and keep interest rates relatively high for a longer-than-anticipated period.
Gold extended its uptrend to reach new record highs, while oil prices were down around 1 percent in European trade as industry data signaled a rise in U.S. oil inventories and the Biden administration renewed efforts to secure a cease-fire in the Middle East.
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