Unfavourable risk-reward ratio snaps 6-day rally
Indian market facing stiff resistance at higher levels as valuation of a broader index is at a significant premium
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Mumbai: Equity benchmark indices Sensex and Nifty broke their six-day winning run on Wednesday and settled with a steep fall amid fag-end selling triggered by a rush for profit booking and mixed global cues.
The 30-share benchmark Sensex stayed mostly firm during intra-day, but settled 434.31 points or 0.59 per cent lower at 72,623.09 points. It touched the intra-day low of 72,450.56, down 0.83 per cent from the previous closing level of 73,057.40 points.
Similarly, the broader Nifty also paired all its intraday gains before closing 141.90 points or 0.64 per cent down at 22,055.05 points. The 50-share barometer had hit a lifetime peak of 22,196.95 points on Tuesday and remained mostly in the upward trajectory on Wednesday.
