Nifty slips below 11,300 mark, auto and realty stocks drag
Equities traded lower during early hours on Wednesday amid weak global cues with auto and realty indices showing the most losses.
The International Monetary Fund (IMF) cut its growth forecasts for the global economy for this year and the next. Global growth is forecast at 3.2 per cent in 2019, picking up to 3.5 per cent in 2020 -- 0.1 per cent point lower than in April projections for both years.
At 10:15 am, the BSE S&P Sensex was down 197 points at 37,786 while the Nifty 50 slipped 71 points to 11,260.
Except for financial services, all sectoral indices at the National Stock Exchange were in the red. Nifty metal was down 1.21 per cent, auto 1.17 per cent and realty 1.16 per cent.
Among stocks, Bharat Petroleum Corporation edged 3.2 per cent lower while Vedanta was down 2 per cent. Eicher Motors, JSW Steel and Britannia were down by over 1.6 per cent each.
However, HDFC gained 1.6 per cent while Yes Bank moved up by 1.5 per cent. The other gainers were Larsen & Toubro, Hindustan Lever and Zee Entertainment.
Meanwhile, most stocks rose in Asia after reports that the United States and China will resume trade talks next week with US Trade Representative Robert Lighthizer travelling to Shanghai.
Japan’s Nikkei added 0.5 per cent, MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.4 per cent and Chinese blue chips climbed 1.2 per cent.
(This story has been published from a wire agency feed without modifications to the text.)