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Indices snap 3-day winning run; Sensex down 283 pts; metal, energy stks dip

In the mid-, and small-cap segment, PNB Housing Finance, Central Bank of India, United Breweries, Adani Enterprises, PNB Gilts, Dhanlaxmi Bank, and Indian Overseas Bank dragged the broader markets

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SI Reporter  | New Delhi 

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EVENT HIGHLIGHTS

Stock market updates:Benchmark indices snapped their three-day winning streak and ended half a per cent lower on Wednesday as investors booked profits at higher levels. Besides, a cut in India's CY21 growth forecast by Moody's further dampened the sentiment on Street.

Moody's Investors Service on Wednesday slashed India's growth projection to 9.6 per cent for calendar year 2021, from its earlier estimate of 13.9 per cent, and said faster vaccination progress will be paramount in restricting economic losses to June quarter. READ ABOUT IT HERE

Barring the auto segment, all other sectoral indices settled the session in the red with the Nifty Metal (1 per cent) and IT (0.87 per cent) indices nursing the steepest losses.

Overall, the S&P BSE Sensex index closed at 52,306 levels, down 282.6 points or 0.54 per cent while the Nifty50 index ended at 15,687 levels, down 86 points or 0.54 per cent.

Maruti Suzuki, Titan Company, Bajaj Finserv, M&M, Ultratech Cement, Hero MotoCorp, and ONGC were the top gainers in the large-cap space while Adani Ports, Wipro, JSW Steel, Divis Labs, Shree Cement, L&T, Kotak Bank, and TCS were the top laggards.

In the mid-, and small-cap segment, PNB Housing Finance, Central Bank of India, United Breweries, Adani Enterprises, PNB Gilts, Dhanlaxmi Bank, and Indian Overseas Bank dragged the BSE MidCap and SmallCap indices 0.26 per cent and 0.43 per cent lower, respectively. 

Global markets
European stocks hovered below record highs on Wednesday as inflation worries overshadowed data showing a rise in June business activity. The pan-European STOXX 600 was down 0.2 per cent, France's CAC 40 fell 0.56 per cent, and Germany's DAX declined 0.64 per cent.

Mood in the Asian market, however, was mixed where Japan's Nikkei closed 0.03 per cent down but South Korea's Kospi and China's Shanghai index gained 0.38 per cent and 0.25 per cent, respectively.

As regards the US market, Futures of all three main Wall Street indices were up in the range of 0.06 per cent to 0.16 per cent.

(With inputs from Reuters)

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