Reliance Industries snapped a five-day winning streak on Wednesday. The downgrade comes days ahead of the quarterly earnings announcement by the conglomerate.

Nifty50 closed 0.8 percent lower at 18266.60 and Sensex ended down 0.7 percent at 61259.96, whereas the broader market witnessed heavy sell-off on Wednesday. Here are key stocks that moved the most today:

At the interbank forex market, the local unit opened strong at 75.10 against the greenback and later gained strength to settle at 74.88, higher by 47 paise over its previous close of 75.35. The local unit moved in a range of 74.83 to 75.13 in the day trade.

Aditya Narain, Head of Research-Institutional Equities, Edelweiss Securities, sees comfort in the banking and IT space. From a valuation perspective, banks have remained relatively modest, they haven't moved the way a lot of the other sectors have. As the economic cycle is looking better, the possibility of loan growth beginning to come through is much higher. Narain also believes that it is time to take some of the money off momentum stocks.