BENGALURU, Nov 24 (Reuters) - Indian shares erased early
gains to end Wednesday lower, as auto, IT and consumer stocks
fell, outweighing gains in the energy and banking sectors.
The blue-chip NSE Nifty 50 index ended 0.5% lower at
17,415.05, while the benchmark S&P BSE Sensex fell 0.5%
A jittery broader Asian market also dented sentiment as oil
prices remained volatile in the face of price-cooling moves by
the United States and other countries, and amid concerns the
U.S. Federal Reserve could speed up tapering of stimulus.
"The market tried to consolidate after a fall earlier this
week, but it looks like it was not able to hold gains, mainly
due to global triggers," said Narendra Solanki, Head-Equity
Research at Anand Rathi Shares & Stock Brokers.
Automobile stocks were likely reacting to automakers' lack
of confidence on demand picking up in November and December,
Auto stocks fell 1.28%, dragged lower by Eicher
Motors and Maruti Suzuki, down 2.39% and
The Nifty IT index fell 1.52%, led by losses in Infosys Ltd
, Larsen and Toubro Infotech and MindTree Ltd
, all down between 2.3% and 3.4%.
The fast-moving consumer goods sub-index was
down nearly 1% on concerns over rising commodity prices
Nifty Energy was among sub-indexes that held on
to gains, ending up 0.27%, with oil prices in focus after India
said it would sell 5 million barrels from its reserves in tandem
with other major countries to control prices.
State-run Oil and Natural Gas Corporation was the
top gainer on the sub-index, rising 4.26%.
Digital payments start-up Paytm rose 17.2%,
climbing for a second day on Wednesday.
Globally, investors have been focusing on rising COVID-19
cases in Europe, weaker economic sentiment in Germany, inflation
concerns and a bagful of U.S. data ahead of Thanksgiving.
(Reporting by Vishwadha Chander in Bengaluru; editing by
Uttaresh.V and Vinay Dwivedi)