MUMBAI: Another sell-off in Chinese stocks on Wednesday, triggered by fears of

contraction in economic growth, had a rub-off effect on Asian
equities, including India.

Benchmark indices ended 1.5% lower over Tuesday’s close, but off the day’s lows, as traders covered their short positions on a hunch that sharp declines hereon could be restricted for the moment.

BSE’s 30-share Sensex closed at 14809.64, down 225.62 points, or 1.50%. NSE’s 50-share Nifty ended at 4394.10, down 64.80 points, or 1.45%.

Analysts said the support for Nifty in the near-term is around 4350, which is the index’s low on Wednesday. A technical analyst with an institutional brokerage said Indian stocks are not yet ‘oversold’ in the near-term and that they will continue to be vulnerable to global market movements.

Foreign institutions net sold shares worth Rs 622.06 crore while domestic institutions net bought worth Rs 83.77 crore.