Indices snap three-day winning run as heavyweights stumble; L&T falls 1%

The Sensex nursed losses on Wednesday after three days of gains, weighed by selling in Reliance Industries, finance and metal stocks despite firm Asian cues. Persistent foreign fund outflows added to the selling momentum, though a recovery in the rupee capped the losses, traders said.

The 30-share benchmark ended 282.63 points or 0.54 per cent lower at 52,306.08 in choppy trade. The NSE Nifty declined 85.80 points or 0.54 per cent to 15,686.95.

Kotak Mahindra Bank was the top loser among the Sensex constituents, shedding 1.32 per cent, followed by L&T, Tata Steel, TCS, Axis bank, ICICI Bank, HDFC, and Reliance Industries. On the other hand, Maruti, Titan, Bajaj Finserv, M&M, UltraTech Cement, HDFC Bank, and State Bank of India finished with gains of up to 2.33 per cent. In the Sensex pack, 23 counters declined while 7 ended in the green.

"Consolidation continued as lack of key triggers in the domestic market and flight of foreign funds influenced investors to stay on the sideline. Global markets remain mixed as Fed's reassurance on a slow pace in rates hike failed to get momentum in the market.

“All the sectors traded in red barring auto as all major manufacturers decided on a price hike. Easing lockdown restrictions and pick up in vaccination drive will aid economic activity,” said Vinod Nair, head of research, Geojit Financial Services.