Sensex, Nifty snap four-session gaining streak; Wipro, Kotak Mahindra Bank shed most

The Sensex and Nifty snapped four-session long gaining spree after investors booked profits tracking tepid global cues ahead of talks between China and the US on their trade dispute. Continued outflows by foreign institutional investors and lower-than-expected quarterly numbers by InterGlobe Aviation and some other companies also affected the sentiment.

The Nifty slipped below the 10,700-mark and finished at 10,679.65, down 38.40 points, or 0.36 per cent. During the day, it shuttled between 10,720.60 and 10,647.45. The Sensex settled at 35,103, down 73.28 points.

In the broader market, the BSE Midcap slipped over 1 per cent, while the BSE Smallcap dipped 0.8 per cent. Market breadth, indicating the overall health of the market, remained negative. On the BSE, 1,833 shares declined, 831 shares gained while 135 shares remained unchanged.   

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Sun Pharma, Tata Steel, NTPC, Axis Bank and ICICI Bank were the top gainers on Sensex, while Wipro, Kotak Mahindra Bank, Asian Paints, Larsen and Toubro and Hindustan Unilever were the major losers.

On the Nifty, the top gainers include Sun Pharma, Bharti Infratel and Tata Steel. The major losers were HCL, UPL and Indiabulls Housing Finance.

PC Jeweller hogged the limelight. After falling over 14 per cent intraday, the stock recovered to settle at Rs 121.45, up 9.76 per cent on the BSE. Gains came after Zee Business spoke to MD Balram Garg, who denied rumours of arrest and CBI investigation. 

IndiGo share price nosedived 10.5 per cent to Rs 1205 on the BSE after the airline posted 73 per cent drop in its net profit for the March quarter. 

On Wednesday, weakness in the global equity markets and profit booking by investors led the benchmark indices to close on a flat note.

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The Nifty50 closed at 10,718.05 points, down 21.30 points or 0.2 per cent from the previous close, while, the Sensex closed at 35,176.42 points, up 16.06 points or 0.05 per cent.

Foreign institutional investors (FIIs) sold shares worth Rs 525.93 crore, while DIIs bought shares to the tune of Rs 165.84 crore in Wednesday's trade, provisional data available with BSE showed.