Indian shares fall as IT, Reliance drag; losses deepen in closing auction

Business Recorder reported that Indian equities ended lower on Wednesday, weighed down by IT names and Reliance Industries, which offset gains in large financial firms. The Nifty 50 closed 0.52% lower at 24,207.75, and the BSE Sensex dropped 0.24% to 77,472.94. Selling deepened during the closing auction, where the indicative Nifty 50 close slid by up to 1.4%.

IT shares led the decline with a 1.5% fall, which analysts linked to higher costs from U.S. visa restrictions and caution before Nvidia's results. Ten of 16 major sectors declined, while Reliance Industries, an oil-to-telecom group, slipped 1.4%. Monday's proposal from the Trump administration would formalise a $103,265 charge on new H-1B visas.

Analysts said investors were likely shifting their holdings in line with expectations for fiscal 2027 earnings. A drop in oil below $86 was called a plus for India's economy and markets, yet SBI Securities' Sudeep Shah said the benchmarks' failure to capitalise on it signalled a cautious undertone. Varun Beverages slid 3.8% as analysts raised concerns about execution risks in its push into alcohol.