Market erases all gains, Nifty falls below 23,300
At close, the Sensex was down 422.59 points or 0.54% at 77,155.79, while the Nifty fell 168.60 points or 0.72% at 23,349.90.
The domestic markets continued their winning streak for the third consecutive day on Wednesday, led by gains in Reliance Industries, HDFC Bank, ICICI Bank and Bharti Airtel amid positive cues from global markets.
After touching a high of 38,788.51 during the day, the BSE Sensex settled 86.47 points or 0.22 per cent higher at 38,614.79 with Tech Mahindra, rising around 2 per cent, being the top gainer and Bajaj Auto being the top loser.
The NSE Nifty rose 23.05 points or 0.20 per cent to 11,408.40.
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Other top gainers on the Sensex pack included Bharti Airtel, Maruti, ICICI Bank, SBI, HDFC Bank, Asian Paints and Reliance Industries. Whereas, Bajaj Auto, ONGC, Nestle India, HUL and Kotak Bank were among the laggards.
Similar to the benchmarks, broader markets also ended with MidCap and SmallCap indices up by 0.6 per cent and 1.16 per cent respectively.
According to traders, domestic bourses followed positive cues from global markets after US equities hit record highs in overnight session.
Persistent foreign fund inflows too buoyed investor sentiment here, they said.
Exchange data showed that foreign institutional investors bought equities worth Rs 1,134.57 crore on a net basis on Tuesday.
Bourses in Tokyo and Seoul ended on a positive note, while Shanghai and Hong Kong were in the red.
Stock exchanges in Europe were trading with steady gains in early deals.
Investors are also awaiting cues from the minutes of US Federal Reserve’s meeting.
Global oil benchmark Brent crude was trading 0.66 per cent lower at USD 45.16 per barrel.
In the forex market, the rupee settled 6 paise lower at 74.82 against the US dollar.
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