Sensex cracks 600 points, Nifty nears 14,050 amid a selloff in financial stocks
Sensex down
The Indian market was trading lower on Wednesday mainly led by a decline in banking, financial and auto stocks.
BSE Sensex fell 600 points, or 1.1 per cent, to 47,800 levels. The Nifty50 index also slipped below the 14,100-mark. Reliance Industries extended Monday's loss and dropped another 2 per cent. The index-heavyweight was the top Sensex loser, followed by Sun Pharma, IndusInd Bank, and Dr Reddy's (all down 1%).
Analysts said investors of late have preferred taking profits off the table ahead of the Union Budget and F&O expiry.
Foreign investors sold equities worth Rs 765.30 crore on a net basis in the Indian capital market on Monday, exchange data showed.
Indian equity markets were closed on Tuesday for the Republic Day.
Meanwhile, Asian equities slipped as investors looked to the US Federal Reserve`s guidance on its monetary policy. MSCI`s gauge of Asian ex-Japan shares slipped by 0.3 per cent, dragged lower by profit-taking in resource shares. But Japan`s Nikkei rose by 0.2 per cent while South Korea and Taiwan eked out small gains.
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(With inputs from agencies)