Sensex skids 422 points to close at 38,071; Nifty tests 11,200


(Representative image)

NEW DELHI: Equity indices finished lower on Wednesday with the benchmark BSE sensex falling over 400 points dragged by auto and IT stocks.
The 30-share BSE index fell 422 points or 1.10 per cent lower to finish at 38,071. While, the broader NSE Nifty settled 98 points or 0.86 per cent lower at 11,203.
Top losers in the sensex pack included Reliance, M&M, HCL Tech, Nestle India, HDFC Bank, Maruti and TCS faling as much as 3.75 per cent.
While IndusInd Bank, Tata Steel, Sun Pharma, Bajaj Finance, LT and SBI were the major gainers rising up to 4.54 per cent.
On the NSE platform, sub-indices Nifty auto, IT and financial services dragged as much as 1.17 per cent.
According to traders, domestic stocks fell tracking global equities ahead of US Federal Reserve’s policy outcome, scheduled to be announced later in the day.
Shares of Reliance Industries fell nearly 4 per cent after eight days of gains, that pushed the company’s market capitalization to more than Rs 13 lakh crore ($173.82 billion).
“Reliance has seen a good run and many people on the Street were expecting a correction,” said Saurabh Jain, assistant vice president at SMC Global Securities told news agency Reuters.
“Corrections will happen but the broader view is still positive,” he added.
On the currency front, rupee gained 4 paise to settle at 74.80 (provisional) against the American dollar tracking weakness in the greenback.
(With agency inputs)



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