Sensex Snaps 2-Day Rally, Ends 110 Points Lower, Nifty Settles Below 16,250

Indian equity benchmarks on Wednesday finished lower as losses in banking and information technology (IT) stocks offset gains in consumer goods and pharma.

Sensex Snaps 2-Day Rally, Ends 110 Points Lower, Nifty Settles Below 16,250

Sensex and Nifty ended lower in a highly volatile trade.

New Delhi:

Indian equity benchmarks on Wednesday finished lower as losses in banking and information technology (IT) stocks offset gains in consumer goods and pharma. The domestic indices erased their early gains and slipped into the red, pausing a 2-day rally. Investor sentiment turned weak as the UK's inflation hit a 40-year high -- at 9 per cent -- in April.

Back home, the 30-share BSE Sensex fell 110 points or 0.20 per cent to close at 54,209, while the broader NSE Nifty moved 19 points or 0.12 per cent down to settle at 16,240.

Mid- and small-cap shares finished on a weak note as Nifty Midcap 100 shed 0.22 per cent and small-cap slipped 0.39 per cent.

12 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in the red. Sub-indexes Nifty PSU Bank and Nifty IT underperformed the index by falling as much as 1.57 per cent and 0.47 per cent, respectively.

On the stock-specific front, PowerGrid was the top Nifty loser as the stock cracked 4.53 per cent to Rs 227.85. BPCL, Tech Mahindra, Apollo Hospitals and SBI were also among the laggards.

However, the overall market breadth stood positive as 1,918 shares advanced while 1,428 declined on BSE.

On the 30-share BSE index, PowerGrid, TechM, SBI, L&T, Bajaj Finserv, Bharti Airtel, NTPC, Wipro, HCL Tech, Tata Steel, Infosys and ICICI Bank were among the top losers.

In contrast, Hindustan Unilever, UltraTech Cement, Asian Paints, Sun Pharma, ITC, Axis Bank, Maruti and Reliance Industries settled in the green.

Also, shares of Life Insurance Corporation of India edged 0.09 per cent higher to settle at Rs 876.25 today. LIC made a tepid debut at the exchanges on Tuesday, listing at a discount of 8.62 per cent over its issue price of Rs 949.

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