Stock Market Update: Indian shares slipped more than 1% in early trade on Wednesday

Indian shares slipped more than 1% in early trade on Wednesday, in line with broader Asia, as investors weighed the slowing rate of COVID-19 infections against rising deaths across the globe.

The NSE Nifty 50 index was down 1.17% to 8,711.90 by 0345 GMT, while the benchmark S&P BSE Sensex was 1.12% lower at 29,800.25.

India, which has been under lockdown since March 25 to curb the spread of the new coronavirus, reported more than 4,000 infections and over 120 deaths, as of Tuesday.

Broader Asian markets erased after two sessions of gains, with MSCI’s broadest index of Asia-Pacific shares outside Japan losing 0.5% and Japan’s Nikkei dropping 0.7%.

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In the United States, the S&P 500 ended Tuesday down 0.16% after gaining as much as 3.5%.

In Mumbai, the Nifty Auto index slipped more than 2%, with Maruti Suzuki edging 2.3% lower. The maker of the iconic Maruti 800 on Tuesday flagged here a more than 32% drop in passenger vehicle production in March.

The volatility index was down 1.5% at more than 51 points early on Tuesday.

The Nifty Realty index slipped over 1.5%, while the Nifty banks’ index fell more than 2%.