Indian shares decline on profit booking

Indian shares fell on Wednesday, dragged by broad slide across sectors, as investors booked profits on a nearly 5% rise in the benchmark Nifty 50 in fiscal 2024 so far, while weak global cues amid debt ceiling negotiations in the U.S. weighed.

The Nifty 50 (.NSEI) was closed 0.57% down at 18,181.75, while the S&P BSE Sensex (.BSESN) fell 0.60% to 61,560.64. Both indexes extended losses to a second consecutive session.

High-weightage financials (.NIFTYFIN) and information technology (IT) (.NIFTYIT) led losses in the Nifty, falling 0.71% and 0.97% respectively, reported Reuters.

The Nifty has risen 4.74% so far this fiscal, supported by a healthy results season and consistent buying from foreign institutional investors (FII), according to three analysts.

Vaishali Parekh, vice president - technical research at Prabhudas Lilladher, pegged 18,200 and 18,450 as the support and resistance levels for the benchmark.