India's Sensex falls 180 points; Metal stocks plunge 4-6%

Indian shares extended fall on Wednesday, weighed down by metal stocks, as trade deficit widened to an almost 3-year high.

Nifty
A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, India. REUTERS

Indian shares extended fall on Wednesday, weighed down by metal stocks, as trade deficit widened to an almost 3-year high.

Equities in Asia edged lower after weaker crude oil prices took a toll on Wall Street. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.16 percent.

In commodities, crude oil prices stretched losses, weighed by forecasts for rising U.S. crude output and a gloomier outlook for global demand growth in a report from the International Energy Agency.

The S&P BSE Sensex fell 0.55 percent at 32,760 while the broader NSE Nifty dropped 0.67 percent to 10,118.

India's trade deficit widened to almost a 3-year high of $14 billion last month as imports surged, government data showed.

Among the top Sensex losers, ONGC fell 2.3 percent, Sun Pharma dropped 4 percent, Bharti Airtel lost 2 percent while Lupin shed 1.5 percent.

Miners led losses after Chinese data on Tuesday pointed to slowing industrial output, fixed-asset investment and retail sales. Jindal Steel & Power Ltd fell 5 percent, Hindalco Industries 3 percent, National Aluminum Corp 5.7 percent, Vedanta 4.4 percent, Steel Authority of India 4.6 percent and Hindustan Zinc 4.2 percent.

Sun Pharmaceuticals Industries lost 4 percent after the company reported a near 60 percent decline in fiscal-second quarter profit because of weak U.S. sales.

But Fortis Healthcare jumped about 7 percent after it proposed to buy Singapore-listed RHT Health Trust for S$966 million.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

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