BENGALURU: Indian shares fell on Wednesday after the International Monetary Fund cut its economic growth forecast for the country for the second time in nearly four months, while a broader global sell-off weighed on sentiment.
The NSE Nifty 50 index fell 0.28% to 11,900.60 as of 0345 GMT, while the S&P BSE Sensex was down 0.19% at 40,548.60.
The IMF cut its forecast for India’s GDP growth, which fell at its steepest pace of 23.9% in the June quarter. It now expects Asia’s third-largest economy to contract 10.3% for the fiscal year compared with its June prediction of a 4.5% drop.
Meanwhile, global market sentiment was dampened after J&J’s COVID-19 vaccine trials were halted because of an unexplained illness in a study participant.
Among individual stocks, Wipro Ltd slipped 4.14% after the company reported a quarterly profit that missed market expectations.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor
Read all the Latest News and Breaking News here
Comments
0 comment