Indian Equities Close Lower on Investor Caution Ahead of US Inflation Data Release

MT Newswires Live

11 Sep 2024

Indian Equities Close Lower on Investor Caution Ahead of US Inflation Data Release

Indian indices settled lower on Wednesday as investors turned cautious ahead of the release of US inflation data later today.

A softer inflation could prompt the US Federal Reserve to slash interest rates by 25 basis points next week.

At close, the BSE Sensex slumped 398.13 points, or, 0.5%, to 81,523.16, while the NSE Nifty 50 slid 122.65 points, or also 0.5%, to 24,918.45.

Tata Motors (NSE:TATAMOTORS, BOM:500570) topped the laggards on Wednesday, with shares falling 6%, followed by Oil & Natural Gas Corp. (NSE:ONGC, BOM:500312) and Wipro (NSE:WIPRO, BOM:507685).

Conversely, Bajaj Auto (NSE:BAJAJ-AUTO, BOM:532977), Asian Paints (NSE:ASIANPAINT, BOM:500820) and Bajaj Finance (NSE:BAJFINANCE, BOM:500034).

In corporate news, Gravita Netherlands, a step-down subsidiary of recycling company Gravita India (NSE:GRAVITA, BOM:533282), has entered into a memorandum of understanding to acquire a waste tire recycling company Access Auto Trading in Romania for 400 million Indian rupees, according to a Wednesday filing with the stock exchanges.

Meanwhile, renewable energy company Gensol Engineering (NSE:GENSOL, BOM:542851), in partnership with green hydrogen infrastructure developer Matrix Gas & Renewables, has secured an order to set up a Green Hydrogen Valley project in Pune, India, according to a Wednesday filing with the bourses.

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