Sensex Snaps 3-Day Winning Streak to Close 194 Points Down
BSE Sensex snapped its three-day rising streak to end 194 points lower Wednesday, pressured by losses in banking and auto stocks amid a broad sell-off in overseas markets.
Investors were also cautious ahead of the release of inflation and factory output numbers, traders said.
Similarly, the broader NSE Nifty fell 59.40 points, or 0.50 per cent, to close at 11,906.20. During the day, the index touched a low of 11,866.35 and a high of 11,962.45.
Yes Bank was the worst performer in the Sensex pack, declining 3.34 per cent, after Moody's placed the private sector lender's ratings under review for a possible downgrade.
Other losers included Maruti Suzuki, Kotak Mahindra Bank, Hero MotoCorp, Bajaj Auto, IndusInd Bank and Bajaj Finance, that shed up to 1.79 per cent.
On the other hand, Tata Steel, ONGC, Vedanta, Sun Pharma, TCS, RIL, HUL and ITC bucked the weak market trend and gained up to 2.60 per cent.
"Expectations on the resolution of the trade war took a turn for the worse, and Indian markets joined global equities in a sell-off. World markets are increasingly concerned about a slowdown or recession in advanced economies. Falling bond yields and falling crude oil prices reflect this concern.
"Domestically, it will be critical that the upcoming Budget addresses investors' concerns on reviving growth, or India could be susceptible to further selling," said Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management.
Sectorally, BSE realty, telecom, capital goods, auto, bankex, finance and power indices were among the top losers, shedding up to 1.94 per cent.
Metal and FMCG ended in the green, rising up to 0.48 per cent.
(With inputs from PTI)