Equity benchmarks buckled under selling pressure for the second straight day on Wednesday, weighed by banking and finance counters, as global sentiment remained risk-averse amid spiking US bond yields and inflation concerns.
A depreciating rupee, which tumbled for the fourth session on the trot, also took a toll on investor confidence, traders said.
The 30-share BSE Sensex opened weak and extended its losses, before staging a comeback in late-afternoon trade to close at 59,413.27, still down by 254.33 points or 0.43 per cent.
Similarly, the broader NSE Nifty declined 37.30 points or 0.21 per cent to finish at 17,711.30.
HDFC was the top laggard on the Sensex chart, shedding 1.96 per cent, followed by Kotak Bank, Asian Paints, UltraTech Cement, HUL, HDFC Bank and Tech Mahindra.
The HDFC duo and Reliance Industries accounted for most of the benchmark's losses. On the other hand, NTPC, PowerGrid, Sun Pharma, SBI, Titan and Tata Steel were among the gainers, rallying as much as 6.52 per cent. "Domestic market started on a very negative trend due to global sell-off on Tuesday and high crude prices. Spiking US treasury yields and slowing economy were impacting growth stocks.
