Indian benchmark indices pared all gains to end lower on Wednesday, as the focus shifted to major companies that start reporting their July-September earnings this week. Earnings are broadly expected to be subdued this time because of the likely impact of the Goods and Services Tax.
The Bombay Stock Exchange Sensex and the National Stock Exchange’s Nifty 50 both ended lower by 0.3%, at 31,833.99 and 9,984.80 points, respectively.
Earlier in the day, the indices had gained tracking positive sentiment in Asian markets and the United States. Index major Bharti Airtel and oil marketing companies also played an influencing role on Wednesday afternoon’s trading session.
Bharti Airtel was the top gainer, ending with over 5% gains on the NSE after a report said that a group led by private equity firm KK was in talks for a tower consolidation deal involving Airtel’s tower arm Bharti Infratel. Hindustan Petroleum Corporation, Indian Oil Corporation and Bharti Infratel were also among the other top gainers.
After gains in the Asian markets, the rupee opened higher at 65.24 a dollar, compared to Tuesday’s close of 65.29. The exchange rate moved up to 65.21 later in the day.