BENGALURU, April 18 (Reuters): Indian shares ended at four-week lows on Thursday, reversing intraday gains, as volatility spiked ahead of key quarterly earnings and the start of the country's general elections.
The NSE Nifty 50 fell 0.69 per cent to 21,995.85, while the S&P BSE Sensex shed 0.62 per cent to 72,488.99 at close. The benchmarks rose as much as 0.8 per cent during the session, but gave up gains in the final two hours of trade to close at four-week lows.
The indexes have dropped more than 3 per cent in the four sessions since hitting record closing highs on April 10, marking their longest losing streak in about six months.
"Volatility is likely to rise further and remain elevated, as quarterly earnings season and national elections get underway," Ajit Banerjee, chief investment officer of Shriram Life Insurance said.
"Domestic equities are not immune from the impact of geopolitical concerns or US rate outlook."
India's Nifty volatility index rose to 13.04 on the day, highest since March 20.
The country's multi-phased elections start Friday, with results to be announced on June 4. Polls project Prime Minister Narendra Modi will win a third term.
The IT index fell 0.23 per cent, extending its selling streak to a fourth session, during which it has lost 5.08 per cent.
High weightage financials dropped nearly 1 per cent, also extending losses for the fourth day.
Nestle India fell 3.28 per cent after a report said the company added sugar to baby food sold in low-income countries but not in its main markets in Europe or the UK.
Bharti Airtel jumped 4 per cent to hit a record high amid multiple block deals at premium over its last close.
Power Grid gained more than 2 per cent. Goldman Sachs assigned a "buy" on the state-run energy transmission company's stock.
IT service provider Infosys and two-wheeler maker Bajaj Auto rose 0.34 per cent and 1.15 per cent ahead of their quarterly results, due after market close.
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