The Indian equity benchmark indices, Sensex and Nifty closed flat and snapped a three-day gaining streak as IT, banks, and realty stocks dragged indices down. While financial services and FMCG stocks tried to keep the mood upbeat, a near 2.5 percent slump in the realty stocks increased volatility in the market.
The 30-scrip index Sensex closed 17 points lower at 58,279 and the Nifty50 lost 21 points to close at 17,362. The market breadth now favours declines with two stocks falling for one that rose. The broader market followed a similar trend as midcaps and smallcaps fell 0.26 and 0.11 percent respectively.
Keeping the indices from plunging all the way were Bharti Airtel, HDFC, Grasim, ITC, and UltraCement. Each scrip contributed nearly 1 to 3 percent to Nifty50. Leading the losses were Tech Mahindra, Sun Pharma, BPCL, Wipro, and Axis Bank. Each scrip closed 1.5 percent to 2 percent lower.
Among the sectoral gauges, financial services, FMCG, media, and consumer durables closed the day in the green. Nifty Bank, Auto, IT, Metal, Pharma, Realty, and Healthcare indices closed the day in the red. Nifty PSU Bank, Metal, and IT plunged 1 percent.
IT firms Wipro Ltd and Infosys Ltd were among the top losers on the Nifty 50, shedding over 1 percent each.
Capping some of the losses was shadow lender HDFC Ltd and telecom firm Bharti Airtel Ltd, both gaining over 2 percent each.
Among other stock gainers, steel-tube maker APL Apollo Tubes Ltd closed 3.6 percent higher. Brokerage Motilal Oswal, which started coverage on the stock with a "buy" rating, said it expects the company's profitability to improve due to higher demand across product segments, the launch of new products, robust distribution network and higher margins.
Globally, stocks hit record highs on growing bets the US Federal Reserve will push back tapering its bond purchases and keep its expansive policy for the near term.
With inputs from Reuters
(Edited by : Yashi Gupta)
First Published: IST