The Indian equity benchmarks ended Wednesday's choppy session on a weak note dragged down by Reliance Industries, ICICI Bank, HDFC, Tata Consultancy Services and Kotak Mahindra Bank. For most part of the day, the benchmarks traded in a rangebound fashion wherein the Sensex touched high of 52,912.35 and low of 52,264.12 and Nifty 50 index traded in a band of 136 points. However, late selling pressure in IT, metal and banking shares led to sharp decline in the last hour of trade.
The Sensex fell 283 points to close at 52,306 and Nifty 50 index declined 86 points to close at 15,687.
Declining COVID-19 cases, easing of pandemic-induced restrictions in several states and a recent record surge in daily vaccinations have helped both the indexes scale all-time highs this month.
Selling pressure was broad-based as nine of 11 sector gauges compiled by the National Stock Exchange ended lower led by the Nifty Metal index's over 1 per cent decline. Nifty Information Technology, Bank, Financial Services, Pharma, Private Bank and Realty indices also ended lower.
On the other hand, Nifty Auto and PSU Banking indices managed to close higher.
Among the individual shares, Hero MotoCorp as much as 3 per cent to hit an intraday high of Rs 2,994.55 on the BSE a day after the company said that it will increase prices of its motorcycles and scooters starting July. The company will make an upward revision in the ex-showroom prices of its motorcycles and scooters with effect from July 1, 2021.
Adani Ports was top Nifty loser, the stock fell 3.3 per cent to close at Rs 718. Wipro, Shree Cements, JSW Steel, Divis Labs, Larsen & Toubro, Tata Consultancy Services, HDFC, NTPC, Kotak Mahindra Bank, Axis Bank and Tata Steel were also among the losers.
On the flipside, Maruti Suzuki was top Nifty gainer, the stock rose 2.3 per cent to close at Rs 7,432. Titan, Bajaj Finserv, Mahindra & Mahindra, ONGC, Hero MotoCorp, Hindalco, Eicher Motors, Cipla, Tata Consumer Products and Britannia Industries were among the gainers.
The overall market breadth was negative as 1,700 shares ended lower while 1,536 closed higher on the BSE.