Sensex snaps 2-day rally, slides 637 points amid unabated foreign fund outflows

The Sensex skidded 637 points while the Nifty plunged below the 18,050-level on Wednesday as investors took money off the table after a two-day rally ahead of the release of US Fed meeting minutes.

Unabated foreign fund outflows also weighed on sentiment, traders said.

The 30-share BSE Sensex slumped 636.75 points or 1.04 per cent to settle at 60,657.45. The broader NSE Nifty ended lower by 189.60 points or 1.04 per cent at 18,042.95.

Tata Steel was the biggest loser among Sensex components, slipping 2.32 per cent, followed by Power Grid, Tata Motors, Wipro, Infosys, HDFC Bank, HDFC and Reliance Industries.

Only two counters managed to end in the green — Maruti Suzuki and TCS, rising up to 0.22 per cent.

In the broader market, the BSE midcap gauge declined 0.97 per cent and the smallcap index dipped 0.79 per cent.

Among sectoral indices, metal tanked 2.83 per cent, realty went lower by 1.99 per cent, utilities (1.74 per cent), energy (1.70 per cent), oil & gas (1.52 per cent) and power (1.51 per cent).

International oil benchmark Brent crude dipped 1.86 per cent to $80.57 per barrel.

The rupee recovered from its all-time low level and settled 23 paise higher at 82.77 against the US dollar on Wednesday, supported by easing crude oil prices.