Indian equity benchmarks erased initial gains in a volatile session on Wednesday dragged by banking and metal shares. The Nifty50 index closed lower after seven consecutive sessions of gains. Select consumer goods shares were in demand, helping the market in keeping the downside in check.

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The expiration of weekly derivatives contracts due by the end of the session also put pressure on the market.

The S&P BSE Sensex index ended 162.78 points or 0.29 percent lower at 55,629.49, retreating 489.08 points from a record high of 56,118.57 registered during the session.

The 50-scrip index dropped 45.75 points or 0.28 percent to settle at 16,568.85. In intraday trade, Nifty50 registered a record high of 16,701.85.

Kotak Mahindra Bank, Hindalco, ICICI Bank, SBI Life, Tata Motors, Power Grid, IndusInd Bank and HDFC -- closing between 1.04 percent and 2.31 percent lower -- were the worst hit among the 30 laggards in the Nifty index.

On the other hand, Eicher Motors, UltraTech, Bajaj Finance, Adani Ports, Grasim, Bajaj Finserv, Nestle and Tata Consumer, ending between 0.91 percent and 2.66 percent higher, were among the top blue-chip gainers.

ICICI Bank, HDFC, Kotak Mahindra Bank and Infosys were the biggest drags on Sensex.

HDFC Bank gave up intraday gains to close with a cut of 0.13 percent at Rs 1,512.90 apiece on BSE, even as the Reserve Bank of India partially lifted restrictions it had imposed on the lender late last year.

Also read: RBI partially lifts ban on HDFC Bank, allows lender to sell new credit cards

Vedanta shares ended 2.38 percent lower after the mining and metals major's listed operating unit, Hindustan Zinc, postponed a board meeting to approve an interim dividend. Also, the Madras High Court issued a notice to the company on remediation of contaminated sites at the Tuticorin unit.

Globally, S&P 500 E-Mini futures were last seen trading 0.12 percent lower, indicating a weak start ahead on Wall Street.

European stocks inched higher on Wednesday after a wobbly start to the week, as investors balanced risks from a spike in global Covid-19 cases with signs of a steady economic recovery in the continent. The pan-European STOXX 600 index rose 0.1 percent.

Earlier on Wednesday, equities in other Asian markets move higher. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.46 percent, after five straight sessions of decline but still only a little above year-to-date lows.

The Indian equity market will remain shut on Thursday for Muharram.

First Published:Aug 18, 2021 3:38 PM IST