Indian shares ended lower on Wednesday after the World Bank said the Indian economy will contract by 9.6 percent in the fiscal year 2020-21, reflecting a sharp drop in household spending and private investment.
Meanwhile, with Democrats Raphael Warnock and Jon Ossoff projected to win their respective Georgia elections for Senate seats, the greater probability of higher taxes and increased regulation in the U.S. also weighed on sentiment.
The benchmark S&P BSE Sensex dropped 263.72 points, or 0.54 percent, to 48,174.06, snapping a ten-day winning streak. The Sensex hit its record intra-day high of 48,616.66 in early trade before reversing direction.
The broader NSE Nifty index touched a record peak of 14,244.15 before ending the session down 53.25 points, or 0.38 percent, at 14,146.25.
HCL Technologies, Bajaj Finance, Axis Bank, Reliance Industries and ITC lost 2-3 percent, while Bharti Airtel, Shree Cement, GAIL, Hindalco and Power Grid Corp surged 3-4 percent.
ONGC rallied 2.1 percent after oil prices jumped about 5 percent overnight following Saudi Arabia's decision to cut oil production.
NMDC rose over 2 percent after reports the company has raised fines price by Rs 200 and lumps by Rs 500 per ton.
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