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Sensex snaps 4-day rally as bulls take a breather

Mumbai: The BSE Sensex snapped its four-session winning run to close marginally lower on Wednesday as investors pocketed gains in finance, banking and consumption stocks amid mixed global cues.

After touching a low of 38,125.81 during the day, the 30-share BSE Sensex pared most losses to end 37.38 points or 0.10 per cent lower at 38,369.63.

On similar lines, the NSE Nifty slipped 14.10 points or 0.12 per cent to close at 11,308.40.

Kotak Bank was the top loser in Sensex pack, skidding 2.10 per cent, followed by Sun Pharma, Bajaj Finserv, L&T, Bajaj Finance, TCS and Titan.

On the other hand, HCL Tech, SBI, Tech Mahindra, Maruti, M&M and UltraTech Cement were among the gainers, climbing as much as 4.86 per cent.

According to traders, market sentiment was weak following lacklustre macroeconomic data and concerns over rising coronavirus cases.

India's industrial production declined by 16.6 per cent in June on account of disruption in normal business activity following the outbreak of coronavirus pandemic, government data showed on Tuesday.

"The encouraging response to the fundraising by the lending firms has boosted the investors' sentiment towards the banking stocks... helping the benchmark to sustain at the higher levels while other sectors are taking a breather after a substantial rally.

Global oil benchmark Brent crude was trading 1.48 per cent higher at $45.16 per barrel. In the forex market, the rupee slipped 5 paise to close at 74.83 against the US dollar.

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