Markets Snap Six-Day Rally; Sensex Falls Over 400 Points

The equity benchmark indices Sensex and Nifty snapped their six-day winning streak on Wednesday, falling sharply on fag-end selling sparked by a rush for profit booking and mixed global cues.

The 30-share benchmark Sensex remained relatively strong intraday, but closed 434.31 points, or 0.59 percent lower, at 72,623.09. It reached an intra-day low of 72,450.56, down 0.83 percent from the previous closing level of 73,057.40.

Similarly, the broader Nifty pared all of its intra-day gains before closing 141.90 points, or 0.64 percent lower at 22,055.05. On Tuesday, the 50-share barometer reached a lifetime high of 22,196.95 and continued to rise on Wednesday.

In the Sensex group, 20 equities finished in the red, while 37 Nifty members lost money.

NTPC was the biggest loser among the Sensex constituents, falling 2.71 percent. It was followed by PowerGrid, Wipro, HCLTech, L&T, and Tech Mahindra.

Tata Steel, SBI, JSW Steel, and IndusInd Bank, on the other hand, all ended in the green. Tata Steel rose 1.99 percent, while SBI increased 1.51 percent.

Brent crude prices fell 0.68 percent to $81.78 per barrel.

Asian stocks had mixed results, but European markets remained generally bearish. Stocks in the United States closed down on Tuesday.

According to exchange data, Foreign Institutional Investors (FIIs) sold stocks worth Rs 1,335.51 crore on Tuesday.

On Tuesday, the Sensex climbed 349.24 points for the sixth consecutive session, closing at 73,057.40, while the Nifty advanced 74.70 points to 22,196.95.

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