Markets break three-day winning streak as Sensex drops 283 points; Nifty below 15,700

Mumbai: The BSE 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 BSE benchmark ended 282.63 points or 0.54 per cent lower at 52,306.08 in choppy trade. Similarly, the broader NSE Nifty declined 85.80 points or 0.54 per cent to 15,686.95.

Kotak 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 SBI finished with gains of up to 2.33 per cent.

In the Sensex pack, 23 counters declined while only 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.

BSE oil and gas, utilities, metal, energy, teck and IT indices fell up to 1.21 per cent, while consumer durables and auto closed higher. Broader BSE midcap and smallcap indices lost up to 0.43 per cent.