Indian shares opened lower on Wednesday after the International Monetary Fund (IMF) slashed growth outlook for India and the global economy. Negative sentiment in Asian markets also weighed on the local stock market.

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At 9:20 AM, the BSE Sensex was trading at 38,861, down 78 points, while the broader NSE Nifty50 was ruling at 11,650, slipping 21 points. The Nifty Midcap was trading in line with the benchmark indices, falling 0.2 percent, while the Nifty Smallcap index was flat.

The IMF cut 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.

Investors also remained cautious ahead of March-quarter earnings beginning later this week. IT majors TCS and Infosys will report their Q4 numbers on April 12. Also, the first phase of general elections will take place later this week.

Wipro, Yes Bank, Infosys, M&M and Kotak Bank were top gainers on Nifty, while Hindalco, Eicher Motors, Adani Ports, HDFC, and HDFC Bank fell the most.

All sectoral indices except Nifty IT were trading in the red. Nifty Metal fell the most followed by Nifty Auto and banking indices.

Hindalco fell over 2 percent in opening trade after the company reported of temporary suspension of operations at Muri plant due to spillage.

Praj Industries surged 6 percent after it signed a Construction License Agreement (CLA) with Gevo Inc, US, to commercialise the technology for the production of isobutanol.

Globally, 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.

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