The Indian market ended lower on Wednesday, led by losses in large-caps stocks on profit booking after the International Monetary Fund (IMF) lowered growth outlook for India and the global economy. Negative sentiment in Asian markets also weighed on the local stock market.

Share Market Live

NSE

The BSE Sensex settled at 38,585, down 354 points, while the broader NSE Nifty50 ended at 11,584, slipping 88 points. Broader markets outperformed the market with Nifty Midcap falling 0.2 percent, and Nifty Smallcap index gaining 0.3 percent.

The IMF reduced its global economic growth outlook to 3.3 percent, citing the US-China trade war and a potential disorderly British exit from the European Union as key risks. It also warned of high chances of further cuts to the outlook.

It also lowered India’s growth forecast by 20 basis points to 7.3 percent for the current financial year, citing the National Accounts Statistics data, which indicated softer underlying momentum.

Cautious sentiment also prevailed ahead of March-quarter earnings beginning later this week. Research firms Nomura and Jefferies forecast a weak quarter for Indian auto and oil and gas companies, citing weak volume growth and refining/petchem margins.

Tata Motors, Cipla, Wipro, Adani Ports, and HUL were top gainers on Nifty, while Bharti Airtel, Hindalco, Asian Paints, TCS, and UPL fell the most.

Among sectors, banking and financial indices fell the most, down over 1 percent, followed by Nifty Metal and Nifty IT. Nifty Auto and Nifty realty gained during the day.

Nifty Bank slipped over 1 percent with over 9 stocks in the index ending in the red. HDFC Bank, Bank of Baroda, SBI, IndusInd Bank and PNB fell between 1-2.5 percent.

Aluminium producer Hindalco fell to its lowest in over a month after reporting a spillage at its Jharkhand plant. The stock ended 2.5 percent lower.

Globally, Asian shares slipped from eight-month highs on Wednesday as the International Monetary Fund lowered its global growth outlook and as tensions over tariffs between the United States and Europe escalated. MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 0.3 percent, a day after it hit its highest since August 1. The Shanghai Composite Index fell 0.55 percent and Japan’s Nikkei lost 0.7 percent.

(With inputs from Reuters)