Indian shares edged down on Wednesday, dragged mostly by metal stocks as China’s pledge to bring down coal prices eased worries about supply disruptions.
The NSE Nifty 50 index was down 0.5% at 18,330, while the S&P BSE Sensex fell 0.4% to 61,502.16 by 9:25 am.
The Nifty metals index was the top loser among indexes, falling 2.4%. Base and industrial metal prices have rallied in the past few days on concerns over supply disruptions due to higher energy costs.
China’s state planner said on Tuesday it was studying ways of intervening in high coal prices and would take all necessary measures to bring them back to a reasonable range.
Meanwhile, the International Monetary Fund on Tuesday cut Asia’s growth forecast and warned of supply chain risks even as it kept India’s growth forecast at 9.5%.