Sensex snaps 2-day record- closing run

The benchmark Sensex dropped 173 points on Wednesday, snapping its twoday record-closing run largely on account of losses in the key energy stocks of Reliance Industries and Coal India.

The 30-share index hit an all-time intra-day high of 38,989.65 at the outset but the market lost steam as investors preferred to book gains after the recent rally.

The BSE barometer touched a low of 38,679.57 points towards the close before settling at 38,722.93 points, down by 173.70 points, or 0.45 per cent over the last close.

Also, the NSE Nifty index finished 46.60 points or 0.40 per cent lower at 11,691.90.

It hit an intra-day high of 11,753.20 and low of 11,678.85. The Nifty had risen 181.40 points or 1.54 per cent in the past two days.

Infosys, HDFC Bank, YES Bank and IndusInd Bank also declined due to profit booking.

“Markets gave up some gains due to a weak rupee and profit booking, ahead of the F&O expiry tomorrow,” Vinod Nair, Head of Research, Geojit Financial Services said.

Sentiment also took a hit after rating agency Moody’s Investors Service on Wednesday said there are risks of India breaching the 3.3 per cent fiscal deficit target in the current financial year as higher oil prices will add to short-term fiscal pressures, brokers said.