Indian shares snapped five sessions of gains to end with minor cuts on Wednesday dragged by auto, IT and FMCG stocks. Selling in index heavyweights Infosys, HUL, HDFC Bank, and TCS contributed the most to the decline, however, gains in RIL Axis Bank and ITC capped the losses.

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The Sensex ended 59 points lower at 37,871 while the Nifty lost 30 points to settle at 11,132.

Sentiment remained negative as investors shifted focus back to surging domestic coronavirus cases as optimism around earnings waned after a handful of subdued numbers.

Coronavirus cases in India rose to nearly 12 lakh according to government data alarming investors as the outbreak hit production in many sectors and squeezed demand.

Globally, cases neared 15 million, with US President Donald Trump warning that the pandemic would get worse before it got better.

On the Nifty50 index, Axis Bank, Titan, PowerGrid, Zee, and ITC were the top gainers while Hero Moto, BPCL, HUL, Tata Motors and Tata Steel led the losses.

Nifty PSU Bank fell the most, down 1.5 percent followed by Nifty Auto and Nifty IT, which were over 1 percent each. Nifty FMCG also lost around 0.7 percent. Meanwhile, Nifty Bank added 0.4 percent for the day and Nifty Pharma was up 0.2 percent.

Axis Bank rose over 6.5 percent and topped the Nifty gainers after the lender reported better asset quality for the quarter to June and a fall in bad-loan provisioning on Tuesday.

Hindustan Unilever lost 3 percent after the consumer goods giant reported a first-quarter profit that missed expectations.

First Published:Jul 22, 2020 3:35 PM IST