Markets ended marginally lower on Wednesday after nine consecutive sessions of gains owing to a fag-end rush among investors to unwind bets amid sustained foreign fund outflows.
The 30-share BSE Sensex shed 63 points to end at 34,331.68, while the broader NSE Nifty finished 22.50 points lower at 10,526.20.
Participants were eager to take money off the table after the recent rally — the markets’ longest winning streak in over three years — even as the wider sentiment remains positive, underpinned by upbeat macro cues and forecast of a normal monsoon, brokers said.
The BSE Sensex, after resuming higher at 34,443.42, advanced to hit a high of 34,591.81 on buying by domestic institutional investors (DIIs) as well as retail participants.
However, investors preferred to lock in gains towards the close of the session, with the benchmark finally ending at 34,331.68, down 63.38 points, or 0.18 per cent. The gauge had risen 1,375.99 points, or 4.17 per cent in the previous nine sessions.
likewise, the 50-stock NSE barometer Nifty finished 22.50 points, or 0.21 per cent, down at 10,526.20 after hitting the day’s high of 10,594.20 and a low of 10,509.70. It had gained 420.30 points, or 4.15 per cent in the past nine sessions.
Investor sentiment got a boost after the IMF on Tuesday said India is expected to grow at 7.4 per cent in 2018 and 7.8 per cent in 2019, leaving its nearest rival China behind.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 951.39 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 723.81 crore yesterday, as per provisional data.