BENGALURU, Oct 6 (Reuters): Indian shares slid on Wednesday as stocks across the board gave up gains and investor sentiment around the globe soured over sky-high oil prices, which stoked worries about rising inflation.
The NSE Nifty 50 index ended 0.99 per cent lower at 17,646, while the S&P BSE Sensex was down 0.93 per cent at 59,189.73.
World stocks skid and the MSCI world equity index, which tracks shares in 50 countries, fell 0.4 per cent.
In India, the benchmark indexes eked out gains early in the session, driven by energy stocks. But both indexes flittered between gains and losses as the session progressed and slid 1 per cent each in the afternoon.
Nifty's Energy index, which scaled a record earlier in the day, snapped three sessions of gains and settled 0.45 per cent lower.
"Valuations are at significantly premium levels. Indian markets have been resilient despite negative global cues and markets have finally given into the pressure," said Siddhartha Khemka, head of retail research at Motilal Oswal Securities in Mumbai.
Forty-one of the 50 stocks on the Nifty 50 index settled in negative territory, led by a near 4 per cent drop in aluminium and copper manufacturer Hidalgo Industries and SBI Life Insurance Co.
All of Nifty's major sub-indexes closed lower, with the metals index declining the most to settle 2.98 per cent lower.
© 2024 - All Rights with The Financial Express
