Domestic equity benchmarks BSE Sensex and NSE Nifty started on a positive note on Wednesday but ended 203.65 points lower at 37,114.88. The broader NSE Nifty also settled at 11,157 after dropping 65.05 points
In the previous session on Tuesday, the BSE bourse settled at 37,318.53, gaining 227.71 points or 0.61 per cent; and the Nifty ended at 11,222.05, 73.85 points or 0.66 per cent higher.
Yes Bank and Tata Motors were the biggest losers in the Sensex pack, slumping 8 per cent. IndusInd Bank, Coal India, Sun Pharma, PowerGrid, Bharti Airtel, Axis Bank, Tata Steel, HUL, Maruti, L&T, M&M, ICICI Bank, HDFC and RIL too ended in the red, shedding up to 3.66 per cent.
On the other hand, Bajaj Finance was the top gainer, spurting 4.11 per cent, followed by ITC, Kotak Bank, Infosys and TCS, ending up to 1.05 per cent higher.
According to experts, investors are not very aggressive as every rally is being used as an opportunity to book profits. Market is also watchful of quarterly earnings and election verdict. Sustained foreign fund outflow too weighed on investor sentiment, they added.
“When the time is right we will make a deal with China... Respect and friendship with President Xi is unlimited,” he wrote. “We can make a deal with China tomorrow, before their companies start leaving so as not to lose USA business” he added.
Sustained foreign fund outflow, however, weighed on investor sentiment here, capping the gains on key bourses, traders said.
Foreign institutional investors (FIIs) sold equity worth Rs 2,011.85 crore on Tuesday, while domestic institutional investors (DIIs) purchased shares to the tune of Rs 2,242.91 crore, provisional data available with stock exchanges showed.
European stocks, however, opened on a weak note. Meanwhile, the Indian rupee appreciated by 11 paise to 70.33 against the US dollar intra-day. Global oil benchmark Brent crude was trading 0.66 per cent lower at USD 70.77 per barrel.
(With inputs from PTI)