BENGALURU, June 1 (Reuters): Indian shares settled lower on Wednesday, dragged by pharma and technology stocks, while data showed that the country's economic growth slowed to the lowest in a year during the March quarter.
After see-sawing between gains and losses for most of the session, the NSE Nifty 50 index ended 0.37 per cent lower at 16,522.75 and the S&P BSE Sensex finished down 0.33 per cent at 55,381.17.
In the previous session, both indexes snapped three straight sessions of gains as a rally in technology stocks paused and banking stocks fell.
"We are moving into a consolidation phase, investors might not be all that keen to push decisions or put money on the table ahead of India central bank's monetary policy decision next week," said Anand James, chief market strategist at Geojit Financial Services.
Most major Nifty sub-indexes settled lower, with the IT and pharma indexes leading declines to end down 1.4 per cent and 1.3 per cent, respectively.
Bajaj Auto dropped 3.7 per cent and was the top percentage loser on the Nifty 50 index. Early on Wednesday, the automaker posted a 1 per cent rise in May sales from a year ago.
This pushed the Nifty auto sub-index to snap a four-day rally and close down 0.2 per cent.
Indian shares drop for second day
FE Team | Published: June 01, 2022 22:53:07
Indian shares drop for second day
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