Indian shares opened lower on Wednesday, as rising recession fears in the United States offset cautious optimism in domestic markets in a busy earnings week. Nine of the 13 major sectoral indexes declined with high weightage financials shedding 0.2%. Metal index fell nearly 1% on concerns over global demand and was the top sectoral loser. Wall Street equities closed sharply lower overnight on soft economic data and disappointing earnings. U.S. Consumer confidence fell to a nine-month low in April, a survey showed, intensifying concerns of a potential recession in the near future. Asian markets remained subdued. Among individual stocks, automotive components supplier Mahindra CIE Automotive Ltd jumped over 9% after reporting a 73% year-on-year rise in net profit in the March quarter. Stove Kraft Ltd climbed nearly 4% after Emerging Business Fund bought a 0.91% stake in the kitchen appliances maker on April 25 through bulk deals. On the flip side, cigarettes maker VST Industries Ltd lost 4% on reporting a more than 21% fall in net profit in the fourth quarter. Maruti Suzuki India Ltd, Bajaj Finance Ltd, SBI Life Insurance Company Ltd, HDFC Life Insurance Company Ltd, L&T Technology Services Ltd are among the companies reporting their quarterly earnings on Wednesday.
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