Indian shares slip as IMF again slashes GDP forecast

BENGALURU, Oct 14 (Reuters) - Indian shares fell on Wednesday after the International Monetary Fund cut its economic growth forecast for the country for the second time in nearly four months, while a broader global sell-off weighed on sentiment. The NSE Nifty 50 index fell 0.28% to 11,900.60 as of 0345 GMT, while the S&P BSE Sensex was down 0.19% at 40,548.60.

The IMF cut its forecast for India’s GDP growth, which fell at its steepest pace of 23.9% in the June quarter. It now expects Asia’s third-largest economy to contract 10.3% for the fiscal year compared with its June prediction of a 4.5% drop.

Meanwhile, global market sentiment was dampened after J&J’s COVID-19 vaccine trials were halted because of an unexplained illness in a study participant.

Among individual stocks, Wipro Ltd slipped 4.14% after the company reported a quarterly profit that missed market expectations.

Reporting by Philip George in Bengaluru; Editing by Arun Koyyur