Sensex, Nifty Extend Losses To Fifth Straight Day

Domestic share markets gave up early gains to end a volatile session on Wednesday marginally lower, extending recent losses to the fifth day in a row. The S&P BSE Sensex index swung in a range of more than 800 points, rising to as high as 38,140.07 and falling to as low as 37,313.09 during the session compared to its previous close of 37,734.08. The broader NSE Nifty 50 benchmark slumped to 11,024.40 at the weakest level recorded in afternoon, having risen to as high as 11,259.55 earlier. 

The Sensex ended 65.66 points - or 0.17 per cent - lower at 37,668.42, and the Nifty settled at 11,131.85, down 21.80  points - or 0.20 per cent - from its previous close, as losses in energy and pharmaceutical shares outweighed gains in select financial stocks. 

Bharti Infratel, Bharti Airtel, Tata Steel, Zee Entertainment and IndusInd Bank, closing between 2.95 per cent and 8.26 per cent lower, were the worst hit among 31 laggards in the Nifty basket of 50 shares. 

On the other hand, Axis Bank, Coal India, GAIL, HDFC Bank and Hindustan Unilever, ending between 1.27 per cent and 2.43 per cent higher, were the top Nifty gainers.

Bharti Airtel, TCS and ICICI Bank were the biggest drags on Sensex, whereas Reliance Industries and HDFC Bank were the largest supports.

Reliance Industries shares closed 0.72 per cent higher after the conglomerate said US-based KKR & Co will invest Rs 5,550 crore in its retail arm, Reliance Retail Ventures.

"Reliance and IT stocks have been the biggest boost to the markets. The negative sentiment over the second wave of virus cases and lockdowns will not go off in a day and investors need to be cautious," said Siddharth Khemka, head of retail research at Motilal Oswal Securities.