Equities snap two-day rally in see-saw trade

Equity benchmarks surrendered early gains to close with modest losses on Wednesday, snapping their two-day winning streak as investors pared exposure to power, information technology, and bank stocks amid mixed trend in global markets.

The rupee plunged to its fresh lifetime low against the dollar, weighed by persistent foreign fund outflows and a spurt in crude oil prices, which also dampened sentiment, said traders.

The 30-share BSE Sensex soared in opening trade, before succumbing to bouts of volatility in the afternoon session. It finally settled 109.94 points, or 0.2 per cent lower, at 54,208.53.

On similar lines, the broader NSE Nifty dipped 19 points, or 0.12 per cent, to finish at 16,240.3.