BENGALURU: India’s stock benchmarks inched lower on Wednesday as investors booked profits after four straight sessions of gains, while information technology stocks climbed ahead of quarterly results.
The Nifty 50 edged down 0.25 percent to 25,046.15, while the BSE Sensex shed 0.19 percent to 81,773.66. The two indexes rose about 2 percent each in the last four sessions.
Fourteen of the 16 major sectors logged losses on the day. The broader small-caps and mid-caps fell 0.5 percent and 0.7 percent, respectively.
The heaviest-weighted financials dropped about 0.5 percent, snapping a six-session rally in which it had gained 3 percent. The shares had rallied after the central bank announced measures to boost bank lending and on positive pre-earnings updates from banks for the September quarter.
The initial updates from banks have been strong and there are signs of green shoots in consumer demand, thanks to policy measures such as the repo rate cut and consumer tax cut, among others, said Arun Malhotra, fund manager at CapGrow Capital.
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