Mumbai: Benchmark indices Sensex and Nifty closed lower Wednesday, snapping their three-day gaining streak following profit-taking in financials, metal and oil shares amid a bearish trend in the global markets.
The 30-share BSE Sensex fell 208.01 points or 0.34 per cent to settle at 61,773.78 in volatile trade. The index opened lower but bounced back in late-morning deals to hit a high of 62,154.14. The barometer later gave up gains to hit a low of 61,708.10 in line with weak European markets.
The broader NSE Nifty declined 62.60 points or 0.34 per cent to end at 18,285.40 after losses in Adani Entertainment, Adani Ports and Tata Motors.
Among the Sensex firms, Tata Motors, HDFC Bank, ICICI Bank, HDFC, Bajaj Finserv, Reliance Industries, Hindustan Unilever, Larsen & Toubro, Asian Paints and Tata Steel were the major laggards.
Sun Pharma, Titan, ITC, IndusInd Bank, Tech Mahindra and Power Grid were among the winners.
“The domestic market experienced a short-lived rally that was overshadowed by subdued global market sentiment. US Treasury yields rose due to concerns over stalled US debt ceiling talks and hawkish comments from US Fed officials, which reduced the chances of a rate pause,” said Vinod Nair, Head of Research at Geojit Financial Services. Market participants are waiting for the release of the FOMC meeting minutes, scheduled for Wednesday.
“Markets traded volatile and settled lower, taking a breather after the recent up move. After the initial downtick, the Nifty oscillated in a range and finally settled around the day’s low at 18,285.40 levels. With the major earnings behind us, participants are eyeing global markets for cues but they’re not offering any clarity as of now,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.
In the broader market, the BSE midcap gauge climbed 0.13 per cent and smallcap index gained 0.10 per cent.
“Nifty gave up the morning gains and ended in the negative on Wednesday dragged down by weak global cues,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
Among the indices, commodities fell by 0.60 per cent, financial services declined 0.59 per cent, bankex (0.51 per cent), metal (0.38 per cent), industrials (0.29 per cent) and auto (0.12 per cent).
Consumer Durables jumped 1.31 per cent, healthcare (0.73 per cent), power (0.60 per cent), utilities (0.57 per cent) and oil & gas (0.31 per cent).
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended lower. Equity markets in Europe were trading in the red. The US market ended in negative territory Tuesday.
Meanwhile, global oil benchmark Brent crude climbed 1.89 per cent to $78.29 a barrel.
Foreign Institutional Investors (FIIs) were buyers on Tuesday as they bought equities worth Rs 182.51 crore, according to exchange data.
PTI