Indian shares slip on elevated crude, Ambani's Jio IPO sees strong demand

Indian equities ended lower on Wednesday as rising oil costs weighed on sentiment, Business Recorder reported. The Nifty 50 closed at 22,811.35, down 0.34%, while the Sensex finished at 73,709.69, a 0.19% decline, reversing gains of about 1% earlier in the session.

The market’s weakness coincided with Brent crude climbing 1.5% to above $110 a barrel, amid concerns about Middle East supplies and falling US inventories. Jio Platforms, backed by Mukesh Ambani, drew enough bids to cover its $3.2 billion offering within two hours of opening, while technology shares gained 2.9% and the broader small-cap and mid-cap indices fell 2.4% and 1.6%.

Most major sectors declined, including financials, autos and metals. Bajaj Finance fell 3.3% after warning of initial strain in loans secured against gold, while L&T Technology Services rose 10.5% after reporting improved September-quarter revenue and profit.