Sensex, Nifty snap 3 day winning streak

After managing to retrieve some lost ground in the last three days, the Indian markets were unable to continue the upswing on Wednesday. The NSE Nifty closed below the 5900 mark in the process.



Today's fall was led by Realty, Banking and Consumer Durables while IT stocks escaped the selling pressure being the only BSE index in the green today. The broader stock indices did worse than the benchmark indices, with both the BSE Small-Cap and BSE Mid-Cap slipping 1.5% and 1.4%, respectively.

"Traders and investors seemed to ignore gradually moderating inflation, and instead chose to focus on the latest fuel price hike. The encouraging advance tax numbers also didn't have much of an impact on our market. The markets will focus tomorrow on the RBI's mid-quarter review where the central bank is likely to hold policy rates steady", says Amar Ambani, Head of Research (India Private Clients) - IIFL.

The BSE Sensex fell 151 points to close at 19,648 and the NSE Nifty slipped 52 points to close at 5,892.

Among the BSE sectoral indices, the BSE Realty index was the top loser the index lost 3.5%, followed by BSE Bankex index was down 3.1% and the BSE Consumer Durables index slipped 2.5%.

The broader indices also ended in red, the BSE Mid-Cap index was down 1.3% and BSE Small-Cap index fell 1.5%.

Bucking the negative trend were, BSE IT index gained 1.5% and BSE Teck index added 1.2%.

The European indices were trading in the red, the DAX in Germany was down 0.6%, the CAC 40 index in France was down 0.6% and FTSE index was trading slightly lower by 0.2%.

Outside the frontline indices, the big losers in the broader market were UCO Bank, Indian Bank, Titan Ind and Canara Bank. On the other hand, gainers included Patni, IGL, Dabur India and Apollo Tyres.