Sensex, Nifty Recoup Early Losses

(RTTNews) - Indian shares ended Wednesday's choppy session on a fat note as investors digested weak GDP estimates and awaited cues from the upcoming Q3 earnings season.

Global cues were mixed and the dollar rose as strong U.S. service sector activity and job openings data prompted traders to push back their expectations on when the Fed can cut interest rates this year.

A weakening rupee and rising oil prices also fueled concerns about inflation and the outlook for interest rates.

The rupee fell by 9 paise to a record low of 85.83 against the greenback in early trade today, tracking an overnight rally in the dollar index and U.S. bond yields.

The benchmark S&P/BSE Sensex ended the session down 50.62 points at 78,148.49, after having hit a low of 77,486.79 earlier.

Likewise, the broader NSE Nifty index hit an intraday low of 23,496.15 before finishing down 18.95 points at 23,688.95.

The BSE mid-cap and small-cap indexes underperformed, falling around 1.1 percent each.

The market breadth was weak. On the BSE, 1,392 shares rose and 2,578 shares declined while a total of 96 shares were unchanged.

Trent fell 2.8 percent, extending losses for a fourth day running.

Apollo Hospitals Enterprise shares fell more than 4 percent while Bajaj Auto, Shriram Finance and UltraTech Cement all fell around 2 percent.

Paytm plunged 8 percent after UBS reported that the company did not acquire any UPI share in December.

United Breweries slumped 4.1 percent after halting beer supply to Telangana over pricing disputes.

ONGC jumped more than 3 percent as oil extended overnight gains on signs of tightening supplies from Russia and OPEC members as well as industry data showing a large crude draw.

TCS gained 1.7 percent ahead of its earnings announcement due on Thursday.

ITC, Asian Paints and Dr Reddy's Laboratories all rose around 2 percent.