Indian shares drop on global cues, poised for weekly fall

Indian shares drop on global cues, poised for weekly fall

The Sensex touched a high of 35,257.31 points and a low of 35,020.08 during the intra-day trade.

The 50-share NSE Nifty slipped below the 10,700-mark and finished at 10,679.65 - down 38.40 points, or 0.36 per cent. Earlier the gauge had lost 73.28 points in the previous session.

"Rupee weakened as positive US employment data might lead to (US) Feds monetary tightening".

Meanwhile, on a net basis, foreign institutional investors (FIIs) sold shares worth Rs 525.93 crore, while DIIs bought shares to the tune of Rs 165.84 crore in Wednesday's trade, provisional data showed.

BSE benchmark Sensex rose almost 200 points in opening trade today only to turn cautious tracking negative global cues ahead of the US Federal Reserve policy announcement scheduled later in the day. Another private sector bank, Axis Bank, rose 1.5 per cent. HDFC and HDFC Bank rose over 1 per cent.

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Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed in the red.

Among the sectoral indices on the BSE, Metal was down 3.4 per cent, followed by Basic Materials (-2.11 per cent), Realty (-1.75 per cent), Consumer Durables (-1.33), Utilities (-1.31), IT (-1.17), Auto (- 1.09) and Power (-1.09 per cent).

European shares were higher in late morning deals as investors globally await Federal Reserve's meeting outcome due tonight.

Pharma stocks pushed both indexes lower, with the Nifty Pharma index falling as much as 1 percent. The Shanghai Composite index was nearly flat at 3,081.18 and South Korea's Kospi gave up 0.4 percent to 2,505.61. Financial markets in Japan are closed for a four-day holiday weekend.