Indian shares fell over 1 percent on Wednesday, dragged by auto stocks after disappointing December sales data, while stocks across the globe started 2019 on a downbeat note. The benchmark BSE index closed down 1 percent at 35,891.52. The broader NSE index ended 1.08 percent lower at 10,792.50.
Eicher Motors Ltd fell 9.4 percent while JSW Steel Ltd ended down 5.4 percent. "There is lack of volume (in Indian shares) and we're very close to the recent highs, leading to some profit-booking," said Siddharth Sedani, head of equity advisory at Anand Rathi Financial Services in Mumbai. "The earnings season will give some triggers ... we should be around 11,000 levels before it begins," he added, referring to the broader NSE index.
IT services giant Tata Consultancy Services Ltd will kick off the corporate earnings season with results for the December-quarter scheduled for January 10. The Nifty Auto index fell as much as 1.6 percent after Eicher Motors Ltd and Mahindra and Mahindra Ltd reported disappointing sales for December.
Mahindra dropped 3.3 percent.
Metal stocks also traded lower, with the Nifty metal index falling 1.9 percent. JSW Steel Ltd and Vedanta Ltd fell about 3 percent each. Shares in Jet Airways Ltd sank over 3 percent after the airline said it had delayed debt payments to a consortium of Indian banks.
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