The stock market snapped three-day winning streak and ended lower with Nifty around 23,200. Selling was seen in IT and banking names despite Infosys and Axis Bank posting better numbers for the quarter ended December.

At close, the Sensex was down 423.49 points or 0.55 per cent at 76,619.33, and the Nifty was down 108.60 points or 0.47 per cent at 23,203.20.

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Gains in Reliance Industries, post reporting higher profit, helped to limit the losses.

During the day, the Nifty reached a high of 23,292.1 and a low of 23,100.35. Meanwhile, the Sensex traded within the range of 77,069.19 and 76,263.29.

Nifty Midcap 50 demonstrated stronger performance finishing 0.05 per cent higher. Small-cap stocks outperformed the Nifty 50, as Nifty Small Cap 100 which ended at 17,643.3, marking an increase of 28.75 points, or 0.16 per cent.

On Nifty 50, the top gainers were Reliance Industries (2.83 per cent), Bharat Petroleum Corporation (2.51 per cent), Hindalco Industries (2.39 per cent), Coal India (2.32 per cent), and Nestle India (2.21 per cent).

On the losing side were Infosys (5.86 per cent), Axis Bank (4.52 per cent), Shriram Finance (3.71 per cent), Kotak Mahindra Bank (2.60 per cent), and Mahindra & Mahindra (2.12 per cent).

Bank Nifty closed at 49,278.7, having reached an intraday high of 49,047.2 and a low of 48,309.5.

Among the sectors, IT and Bank indices shed 2 per cent each, while oil & gas, power, FMCG, PSU, capital goods, realty and metal indices added 1 per cent each.

Private Bank indices being the top laggards, ending down by over 2 per cent each. This was followed by Bank Nifty and Financial Services indices, which ended lower by over 1 per cent each.

Among the individual performances, shares of Reliance Industries Ltd. surged nearly 3 per cent after several brokerages reaffirmed their ratings.

Shares of Reliance Industries Ltd surged nearly 3 per cent after several brokerages reaffirmed their ratings.

Railways’ RVNL share price jumped as much as 5 per cent extending the previous day’s 11 per cent gain.

Shares of Hindalco gained in trade after Nuvama Institutional Equities upgraded its stance on Hindalco to buy from hold.

Further, the shares of Infosys slumped 6 per cent in trade.

Kalyan Jewellers India’s stock extended losses, sinking over 5 per cent in trade for the third consecutive session.