Markets snap 3-day winning streak

Mumbai: The BSE Sensex nursed losses on Wednesday after three days of gains, weighed by selling in Reliance Industries (RIL), finance and metal stocks despite firm Asian cues.

Persistent foreign fund outflows added to the selling momentum, though a recovery in the rupee capped the losses, traders said. The 30-share BSE benchmark ended 282.63 points or 0.54 per cent lower at 52,306.08 in choppy trade. Similarly, the broader NSE Nifty declined 85.80 points or 0.54 per cent to 15,686.95 points.

"Consolidation continued as lack of key triggers in the domestic market and flight of foreign funds influenced investors to stay on the sidelines. Global markets remain mixed as Fed's reassurance on a slow pace in rates hike failed to get momentum in the market.

All the sectors traded in red barring auto as all major manufacturers decided on a price hike. Easing lockdown restrictions and pick up in vaccination drive will aid economic activity, which is likely to be visible in the second half of the financial year," said Vinod Nair, head (research) at Geojit Financial Services.

Foreign institutional investors (FIIs) were net sellers in the capital market on Tuesday as they offloaded shares worth Rs 1,027.94 crore, as per exchange data. Kotak Bank was the top loser among the Sensex constituents, shedding 1.32 per cent, followed by L&T, Tata Steel, TCS, Axis bank, ICICI Bank, HDFC and Reliance Industries.

On the other hand, Maruti, Titan, Bajaj Finserv, M&M, UltraTech Cement, HDFC Bank and SBI finished with gains of up to 2.33 per cent. In the Sensex pack, 23 counters declined while only 7 ended in the green.

BSE oil and gas, utilities, metal, energy, teck and IT indices fell up to 1.21 per cent, while consumer durables and auto closed higher.

Broader BSE midcap and smallcap indices lost up to 0.43 per cent. On the macroeconomic front, Moody's Investors Service slashed India's growth projection to 9.6 per cent for 2021 calendar year, from its earlier estimate of 13.9 per cent.