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    Closing Bell: Market ends 4-day gaining streak; Sensex, Nifty end over 1.5% lower; ICICI Bank top loser

    Closing Bell: Market ends 4-day gaining streak; Sensex, Nifty end over 1.5% lower; ICICI Bank top loser

    Closing Bell: Market ends 4-day gaining streak; Sensex, Nifty end over 1.5% lower; ICICI Bank top loser
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    By Ankit Gohel   IST (Updated)

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    Indian equity market snapped four-day gaining streak to end lower on Wednesday on account of heavy selling in banking, pharma and metal stocks.

    Indian equity market snapped four-day gaining streak to end lower on Wednesday on account of heavy selling in banking, pharma and metal stocks.
    The Sensex ended 561.45 points or 1.58 percent lower at 34,868.98 while the Nifty50 declined 156.80 points or 1.50 percent to close at 10,314.20.
    Losses in banking heavyweights such as ICICI Bank, Axis Bank, SBI and Kotak Mahindra Bank dragged Bank Nifty to end more than 3 percent lower.
    Broader indices, Nifty Smallcap100 and Nifty Midcap100 also ended with deep cuts of 1.8 percent and 1.41 percent, respectively.
    Barring Nifty FMCG, all other sectoral indices ended in the red. Nifty Private slumped the most over 4 percent followed by Nifty Pharma, Nifty Financial Services, Nifty Metals, Nifty Realty and Nifty Media.
    ICICI Bank, IndusInd Bank, PowerGrid Corporation, Hindalco Industries and ZEEL led the decline among Nifty50 constituents while Asian Paints, ITC, Eicher Motors, Hero MotoCorp and GAIL India were the top index gainers.
    Meanwhile, the government has decided to bring Urban Co-operative Banks (UCBs) and Multi-State Co-operative Banks under the governance of the Reserve Bank of India (RBI).
    Union Minister Prakash Javdekar on Wednesday announced that the Union Cabinet has approved an ordinance w.r.t urban co-operative banks (UCBs) and multi-state co-operative banks to such effect.
    “Markets witnessed sharp correction, ahead of Monthly F&O expiry tomorrow, coupled with negative global cues. Banking and Finance stocks led the sharp sell-off with ICICI Bank being the biggest loser. News of Co-operative Banks coming under RBI supervision, seems to have spooked the banking stocks," said Aamar Deo Singh, Head Advisory, Angel Broking Ltd.
    Bank of Baroda ended over 2 percent higher after it reported a profit in its March quarter earnings, with improved asset quality. During the day, the stock had gained 8.9 percent to Rs 54.80 per share on the NSE. The PSU bank's net profit for the quarter ended March 2020 stood at Rs 506.6 crore as against the net loss of Rs 8,875 crore in the same period last year.
    Shares of Berger Paints India ended over 5 percent higher after the company reported its March quarter earnings in-line with the street estimates as lower material costs aided gross and operating margins.

    "Indian Benchmark indices corrected sharply on Wednesday after making a new near term high in the morning session. Profit-taking, weak European markets and key technical retracement resistance resulted in the sell-off," said Deepak Jasani, Head Retail Research, HDFC Securities.

    Technically the Nifty seems to have reversed from 61.8 percent retracement of the fall from 12,430 to 7,511. With this an intermediate downtrend seems to have set in. The next support for the Nifty is at 10,111-10,244 band, Jasani added.
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