Indian shares decline over 1%

Indian shares snapped a feeble two-day winning streak on Wednesday after data showed the country’s economic growth missed estimates, while runaway oil prices owing to the Ukraine crisis loomed large over the world’s third-largest importer of crude.

The blue-chip NSE Nifty 50 index (.NSEI) was down 1.12 per cent at 16,605.95 at close, and the S&P BSE Sensex (.BSESN) fell 1.38 per cent to 55,468.90, with both the indexes returning to negative territory after advancing in the last two sessions.

“Resistance for the Nifty 50 is placed around 16,800 levels. Until there is a clear breakout above this level and it is sustained there, a cautious to bearish outlook should be maintained,” said Yesha Shah, head of equity research at Samco Securities.