NEW DELHI: Domestic equity markets took a breather on Wednesday after their longest winning since streak September 2014 after PSU bank stocks reversed gains in late afternoon trade.
Market was initially looking to extend their gains for a tenth consecutive session, but fag-end selling forced the benchmark equity indices to snap their nine-day gaining streak.
As a result, the 30-share BSE Sensex closed 63.38 points, or 0.18 per cent, down at 34,331.68, whereas the 50-share NSE Nifty index settled 22.50 points, or 0.21 per cent, down at 10,526.
Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund said, “Market mood for the last few days has been fairly benign. With volatility coming to the fore, no clear trend seems to be emerging for now.”
As many as 28 stocks in the Nifty index closed in the red with Hindustan Petroleum falling the most 3 per cent, followed by Axis Bank (down 2.76 per cent), Titan (down 1.98 per cent), Lupin (down 1.75 per cent) and Tech Mahindra (down 1.54 per cent).
On the other hand, ITC, Wipro, UltraTech Cements, Zee Entertainment and GAIL gained between 2 per cent and 4 per cent.
Mustafa Nadeem, CEO, Epic Research said, “Nifty ended down as profit booking triggered on the back of resistance at 50% retracement as it failed to breach higher resistances.”
Sectorwise, consumer durables, banking, oil & gas, healthcare, auto, IT and capital goods stocks witnessed some selling pressure, while FMCG, telecom, realty and power emerged as top gainers on the BSE.
Private sector lender IndusInd Bank and IT major Tata Consultancy Services will announce their financial results for the quarter ended March 2018 on Thursday.
Among stock-specific, share price of Hotel Leelaventure plunged nearly 3 per cent after it informed bourses regarding the default in interest payment and principal amount on debentures issued to LIC of India in December 2008.
Diamond Power Infrastructure hit lower circuit limit of 5 per cent after reports that the CBI arrested promoters and directors of the company in connection with Rs 2,654 crore fraud case.
Elsewhere in Asia, shares in Hong Kong, Shanghai and Japan closed in green following a positive US lead while investors also welcomed the Chinese central banks decision to lower the amount of cash lenders must keep in reserve.
The Hang Seng index closed 0.74 per cent up at 30,284.25, whereas Nikkei 225 settled 1.42 per cent up at 22,158.20. Shanghai Composite index added 0.80 per cent to 3,091.40.
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