The benchmark equity indices snapped a two-day gain to close lower on Wednesday, led by a drag in Tata Motors Ltd. and HDFC Bank Ltd., as the markets await US inflation data set that will be released later in the day.
The NSE Nifty 50 ended 122.65 points or 0.49% lower at 24,918.45, while the S&P BSE Sensex was 398.13 points or 0.49% down at 81,523.16. During the day, the Nifty fell as much as 0.62% to 24,885.15 and the Sensex declined 0.61% to 81,423.14.
"The domestic market experienced a minor consolidation in line with Asian peers due to correction of commodity prices like crude, which has collapsed to $70," Vinod Nair, head of research at Geojit Financial Services, said.
"Market sentiment remained cautious due to the slowdown in the Chinese economy. Investors await the release of the US CPI and domestic inflation data. It is anticipated that US inflation will have an uptick in monthly data, while domestic inflation is expected to remain stable," Nair said.
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Shares of Bajaj Auto Ltd., Asian Paints Ltd. and Bajaj Finance Ltd. led the gains in the Nifty.
Tata Motors Ltd., Reliance Industries Ltd., Larsen and Toubro Ltd., State Bank of India and Mahindra & Mahindra Ltd. weighed on the index the most.
Except the Nifty FMCG, all the sectoral indices on the NSE declined, with Oil & Gas and PSU Bank falling the most.
Except the FMCG and Consumer Durables, the rest 18 sectoral indices on the BSE ended lower, with Oil & Gas falling the most.
The broader indices also ended lower as the BSE MidCap fell 0.52% and the SmallCap closed 0.57% lower.
The market breadth was skewed in the favour of the sellers as 2,345 stocks fell, 1,619 advanced and 107 remained unchanged on the BSE.
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