Stock markets snap four-day gaining streak on weak global cues

Snapping its four-day rally, the 30-share BSE Sensex fell 346.89 points or 0.55% to settle at 62,622.24

Benchmark stock indices Sensex and Nifty cut short their four-day gaining streak to close lower by half a per cent on Wednesday due to profit-taking in banking oil and metal stocks amid weak trends in global markets.

Snapping its four-day rally, the 30-share BSE Sensex fell 346.89 points or 0.55% to settle at 62,622.24. During the day, it tumbled 568.11 points or 0.90% to 62,401.02.

The NSE Nifty declined 99.45 points or 0.53% to end at 18,534.40.

In the four-day rally to Tuesday, Sensex advanced by 1,195 points or 2% while Nifty rose by 348 points or 2.26%.

From the Sensex pack, Axis Bank, State Bank of India, Reliance Industries, HDFC, HDFC Bank, NTPC, Tata Steel and UltraTech Cement were the major laggards on Wednesday.

Bharti Airtel, Tech Mahindra, Asian Paints, Sun Pharma, Tata Motors and Kotak Mahindra Bank were among the gainers.

"As indicated by multiple economic data points, the Indian economy is presently experiencing a robust recovery, leading to an upward trend in domestic equity markets. However, the rally is being hindered at times due to negative signals from global peers, as observed today.