Banks, auto stocks drag equity indices lower

Mumbai: Breaking a nine-day gaining streak, the key Indian equity indices provisionally closed Wednesday’s trade in the red on the back of heavy selling pressure in banks, consumer durables and auto stocks.

Axis Bank, Mahindra and Mahindra, IndusInd Bank, Hero MotoCorp and Coal India were the main losers on the BSE, while Hindustan Petroleum, Titan, Lupin and Tech Mahindra stocks dragged the NSE Nifty50 lower.

The wider Nifty50 on the National Stock Exchange (NSE) fell by 22.50 points or 0.21 per cent to provisionally close at 10,526.20 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,443.42 points, closed at 34,331.68 points — down 63.38 points or 0.18 per cent from its previous session’s close.

The Sensex touched a high of 34,591.81 points and a low of 34,270.04 points during the intra-day trade.

The BSE market breadth was bearish with 1,516 declines and 1,137 advances.

On Tuesday, the equity indices registered gains for the ninth straight session — the longest gain in over four years.

The NSE Nifty50 edged higher by 20.35 points or 0.19 per cent to close at 10,548.70 points, while the Sensex settled at 34,395.06 points — up 89.63 points or 0.26 per cent.