Sensex Snaps Six-Day Rally Led By Losses In Auto Stocks

Sensex snapped six-day winning streak while 50-share Nifty closed below its crucial psychological level of 8,350 as investors booked profits in auto, IT power and oil & gas stocks.

Sensex had rallied despite the Brexit vote given the optimism about the domestic economy and expectations that central banks, including the European Central Bank and Bank of Japan, will expand their monetary easing.

The Sensex closed 112 points lower at 27,167 and Nifty closed at 8,336, down 35 points.

Tata Motors Ltd ended 1.83 per cent lower at Rs 460.90 after Monday's near 3 per cent gain while state-owned gas producer GAIL closed 2.65 per cent lower after hitting a one-year high in the previous session.

Meanwhile, fertilizer makers such as Coromandel International and Zuari Agro Chemicals fell 12 per cent and 4.3 per cent respectively, following the government's decision on Monday to cut retail prices of non-urea fertilisers.

Among the gainers, infrastructure company Jaiprakash Associates surged 27 per cent after its board approved a deal to sell cement plants to UltraTech at a slightly higher value.

Shares of microfinance lender Ujjivan Financial Services gained as much as 2 per cent after rating agencies CARE and ICRA upgraded their credit ratings for various instruments of the company.