Markets trend remains dim as bourses fall for fourth straight day, Sensex tumbles 276 points

Mumbai: The Sensex and Nifty spiralled lower for the fourth session on the trot on Wednesday as investors remained on edge ahead of US inflation data, which will give clues on the Federal Reserve's policy tightening trajectory.

A four-day decline in stocks has wiped out over Rs 13.32 lakh crore from the market capitalisation of BSE-listed firms.

In four days, the benchmark has lost 1,613.84 points or 2.89 per cent.

Despite a firm start, the 30-share BSE Sensex failed to carry forward the momentum and ended at 54,088.39, lower by 276.46 points or 0.51 per cent. During the day, it tumbled 845.55 points to 53,519.30.

Similarly, the NSE Nifty slipped 72.95 points or 0.45 per cent to settle at 16,167.10.

Larsen & Toubro was the top laggard in the Sensex pack, tumbling 2.34 per cent, followed by Bajaj Finserv, Bajaj Finance, PowerGrid, NTPC, Infosys, Maruti and ITC.

In contrast, Axis Bank, IndusInd Bank, HDFC, Kotak Mahindra Bank, HDFC Bank, Bharti Airtel and ICICI Bank were among the gainers, jumping up to 1.92 per cent.

Tracking the weak trend in equities, the market capitalisation of BSE-listed firms tanked Rs 13,32,898.99 crore in four sessions to stand at Rs 2,46,31,990.38 crore.

In the broader market, the BSE smallcap gauge tumbled 2.23 per cent while the midcap index dipped

0.46 per cent.

Among BSE sectoral indices, capital goods tanked 1.63 per cent, followed by IT (1.50 per cent), industrials (1.39 per cent), telecom (1.22 per cent) and teck (1.07 per cent). Realty, bank and finance were the gainers.

Meanwhile, international oil benchmark Brent crude jumped 3.12 per cent to $ 105.7 per barrel.

The rupee appreciated further by 9 paise to settle at 77.25 against the US dollar on Wednesday as the American currency retreated from its 20-year high levels.

Foreign institutional investors offloaded shares worth a net Rs 3,960.59 crore on Tuesday, according to stock exchange data.