Sensex, Nifty fall as telecom stocks gave up gains

Indian shares fall on Wednesday dragged lower by Reliance Industries and Wipro. Telecom stocks gave up gains after a source said the cabinet did not consider certain relief measures for the sector.

NSE Nifty 50 index fell as much as 0.62% to 17,254.20 and the BSE Sensex was down 0.61% at 57,924.80. Both indexes were stable for most of the day. Telecom shares were high in the morning expecting that the Cabinet might announce some relief package for the stressed telecom sector.

The Nifty IT index reported losses and was down 0.9%. IT major Wipro was down nearly 2%.

The Nifty Auto index fell 0.7% and carmaker Maruti Suzuki India was down 1.4%% after reporting an 8.2% drop in production in August.