Indian Shares Close Lower

The BSE Sensex extended early losses and closed 285 points lower at 63,591 on Wednesday, retreating for a second consecutive session as markets continued to assess the latest data and corporate results ahead of the Federal Reserve’s monetary policy decision.

New PMI figures showed that India’s manufacturing activity growth unexpectedly slowed in October, suggesting some softening in business conditions as North American economies struggle with higher borrowing costs and headwinds in China limit foreign demand for Indian goods.

Additionally, the RBI’s stance to reduce liquidity domestically also hampered corporate sentiment, driving foreign funds to divest INR 250 billion in October.

On the corporate front, rate-sensitive tech shares led the losses with HCL Tech, Infosys, and TCL all dropping more than 1%.

On the other hand, Sun Pharmaceuticals added 2.5% on strong earnings.