Late profit booking snaps 3-session gaining streak

Mumbai : Benchmark indices Sensex and Nifty closed lower on Wednesday, snapping their three-day gaining streak following profit-taking in financials, metal and oil shares amid a bearish trend in the global markets.

The 30-share BSE Sensex fell 208.01 points or 0.34 per cent to settle at 61,773.78 in volatile trade. The index opened lower but bounced back in late-morning deals to hit a high of 62,154.14. The barometer later gave up gains to hit a low of 61,708.10 in line with weak European markets. The broader NSE Nifty declined 62.60 points or 0.34 per cent to end at 18,285.40 after losses in Adani Entertainment, Adani Ports and Tata Motors.

“The domestic market experienced a short-lived rally that was overshadowed by subdued global market sentiment. US Treasury yields rose due to concerns over stalled US debt ceiling talks and hawkish comments from US Fed officials, which reduced the chances of a rate pause,” said Vinod Nair, head (research) at Geojit Financial Services. Market participants are waiting for the release of the FOMC meeting minutes, scheduled for Wednesday.