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A man walks past a new brand identity for Nifty Indices inside the National Stock Exchange (NSE) building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas
BENGALURU (Reuters) – Indian shares settled lower on Wednesday, dented by financial and material stocks such as State Bank of India and JSW Steel Ltd, amid concerns over global recession.
Asian shares traded lower as no imminent solution to the ongoing trade tensions between Washington and Beijing sparked worries of a downturn in global economy.
The prospect of a prolonged standoff between the world’s two biggest economies and the likelihood of Europe and Japan getting dragged in are making investors seriously worried about global growth.
The broader Nifty closed 0.57% lower at 11,861.10, while the benchmark Sensex ended down 0.62% at 39,502.05.
India’s largest lender by assets State Bank of India dived 3.58% in its worst session since February, while steel-maker JSW steel closed 4.44% lower.
Reporting by Chandini Monnappa in Bengaluru, Editing by Sherry Jacob-Phillips
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