Equities edge lower amid weak sentiment, auto and metal stocks drag

Equity indices edged lower on Wednesday afternoon amid weak market sentiment as investors worried over the impact of a surcharge on foreign portfolio investors.

Equity indices edged lower on Wednesday afternoon amid weak market sentiment as investors worried over the impact of a surcharge on foreign portfolio investors. There were also renewed concerns over trade tension between the United States and India as US President Donald Trump said New Delhi's high tariffs on certain American products were not acceptable.

At 1 pm, the BSE S&P Sensex was down 228 points at 38,503 while the Nifty 50 shed 73 points to level at 11,483. At the National Stock Exchange, all sectoral indices were in the negative zone. Nifty metal was down 1.6 per cent, PSU bank by 1.5 per cent and auto by 1.4 per cent.

Among stocks, InterGlobe Aviation (IndiGo) crashed nearly 11.6 per cent to Rs 1,383.95 per share after co-founder Rakesh Gangwal sent a letter to the Securities and Exchange Board of India (SEBI) seeking intervention in several corporate governance violations. Tata Motors was down 3.8 per cent, Tata Steel and JSW Steel by 3.5 per cent each, Larsen & Toubro by 2.7 per cent and Indian Oil Corporation by 2.1 per cent.

Those which showed some gains were Coal India, Yes Bank, Wipro and Kotak Bank. (ANI)

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