Indian shares end lower as IT, auto drag

Indian shares erased early gains to end Wednesday lower, as auto, IT and consumer stocks fell, outweighing gains in the energy and banking sectors.

The blue-chip NSE Nifty 50 index ended 0.5 per cent lower at 17,415.05, while the benchmark S&P BSE Sensex fell 0.5 per cent to 58,340.99.

A jittery broader Asian market also dented sentiment as oil prices remained volatile in the face of price-cooling moves by the United States and other countries, and amid concerns the US Federal Reserve could speed up tapering of stimulus.

"The market tried to consolidate after a fall earlier this week, but it looks like it was not able to hold gains,

mainly due to global triggers," said Narendra Solanki, Head-Equity Research at Anand Rathi Shares & Stock Brokers.

Automobile stocks were likely reacting to automakers' lack of confidence on demand picking up in November and December, Solanki added.

Auto stocks fell 1.28 per cent, dragged lower by Eicher Motors and Maruti Suzuki, down 2.39 per cent and 2.34 per cent respectively.

The Nifty IT index fell 1.52 per cent, led by losses in Infosys Ltd, Larsen and Toubro Infotech and MindTree Ltd, all down between 2.3 per cent and 3.4 per cent.

The fast-moving consumer goods sub-index was down nearly 1 per cent on concerns over rising commodity prices impacting margins.