Indian Shares Hold Losses

The BSE Sensex closed a choppy session at the flatline at 60,105 on Wednesday, holding losses from the prior session as investors limited risky positions ahead of key domestic and US CPI prints tomorrow while assessing the growth outlook for the Indian economy.

The World Bank slashed India’s 2023 financial year growth projections to 6.9% from the previous estimate of 7.5%, citing a slowdown in exports and investment.

Still, hopes that Indian inflation has held below the RBI’s upper target of 6% in December offset concerns of low growth, supporting expectations that the central bank could be near the end of its tightening cycle.

Banks closed mostly in the green, with HDFC Bank and ICICI Bank leading the gains.

On the other hand, Bharti Airtel dropped 3.5% after JPMorgan downgraded its recommendation for the stock.