The BSE Sensex and NSE Nifty snapped four-day winning streak on Wednesday after banking stocks declined on caution ahead of the unveiling of a new methodology for calculating lending rates, with broader sentiment also hit by continued worries about a US rate hike. Sensex closed 51.56 points down at 26,117.85, while Nifty50 index closed 23.55 points down at 7,931.
In the 50-share index, Tata Steel, Lupin, Cipla, Dr Reddy’s Labs and Hindalco gained between 1.25 per cent and 3.02 per cent. On the other hand, Punjab National Bank, HCL Tech, State Bank of India, Bank of Baroda and Infosys fell between 1.60 per cent and 2.62 per cent.
Sectorwise, the BSE Bankex slid the most 1.03 per cent, followed by BSE IT index (down 0.86 per cent), BSE Capital Goods index (down 0.71 per cent) and BSE TECk index (down 0.64 per cent). On the other hand, BSE Healthcare and BSE FMCG index gained 0.87 per cent and 0.70 per cent, respectively.
Gaurav Jain, director, Hem Securities, said, “Indices continue its southward journey on the back of weak global cues. Latest downbeat data from the US and the status quo RBI monetary policy review puts selling pressure on the bourses. Further, weak auto monthly sales numbers and rupee depreciation dampened the sentiment of the street.”