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Sensex closes nearly 1% lower as IMF growth outlook hurts sentiment
Photo Credit: Reuters

Indian shares closed lower on Wednesday, with financials contributing to more than half the losses, as investor risk appetite suffered on weak cues after the International Monetary Fund (IMF) lowered its outlook on global economic growth.

IMF reduced its global economic growth outlook by 0.2 percentage points on Tuesday, adding that the U.S.-China trade war and a potential disorderly Brexit are the primary risks.

The benchmark BSE Sensex closed 0.91 percent weaker at 38,585.35. The broader NSE Nifty ended 0.75 percent lower at 11,584.3.

Index heavyweights HDFC Ltd and Housing Development Finance Corp Ltd dragged the NSE Nifty lower after closing down 1.9 percent and 2.2 percent, respectively.

IT bellwethers Tata Consultancy Services Ltd, which closed 2.5 percent lower, and Infosys Ltd, which fell 1 percent, were also among the top laggards.

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