Ahead of Budget, Nifty near 2-week closing low

The Nifty closed at its lowest level in nearly two weeks on Wednesday, continuing to retreat from the record high hit in the previous session, as investors pared positions in blue-chips such as Tata Motors ahead of the budget.

The broader Nifty notched up a second consecutive session of losses, ending down 0.5 per cent, or 38.20 points, at 7,585. That marked its lowest close since June 27, pushing it to below its 20-day moving average. The Sensex fell 0.54 per cent, or 137.30 points, to end at 25,444.81, its lowest close since June 30.

However, among gainers, Multi Commodity Exchange of India rose 1.3 per cent after billionaire investor Rakesh Jhunjhunwala bought a two per cent stake in the company via a bulk deal on Tuesday, according to exchange data.

Tata Motors fell 2.7 percent while L&T lost 1.3 per cent. Coal India fell 3.1 per cent while HDFC ended down 0.7 per cent. Automobile stocks also fell after an industry body official said the delayed monsoon was worrisome and that car and utility vehicle sales were expected to grow moderately in FY15. M&M fell three per cent while Maruti Suzuki India lost 2.8 per cent.

State-run oil refiners rose on hopes of lower subsidy burden as crude oil prices hit a one-month low in the international markets, traders said. Hindustan Petroleum Corp rose 3.1 per cent, Indian Oil Corp rose 2.9 per cent.