After registering record highs for two consecutive sessions, Indian market on Wednesday closed in the red.

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The Nifty saw a fall of 47 points to close below 11,700 with Reliance Industries snapping seven-day gaining streak. Reliance which held market higher in the last few days, dragged Nifty by 22 points in the trade today.

BSE benchmark Index Sensex hit the record high of 38,989.7 in the opening tick, but failed to sustain that level and ended 174 points lower at 38,723 in a session that saw 290-point trading range.

Besides Reliance, HDFC Bank, Infosys, IndusInd Bank and HUL were major losers, while ITC, ICICI Bank and SBI did try to stem the fall.

Despite eight of 12 Nifty Bank stocks closing in the green, the leading sectoral Index closed 45.55 points lower at 28,224, dragged majorly by HDFC Bank, IndusInd Bank and YES BANK.

The Midcap Index outperformed with a gain of 108 points to close the session at 19,827 but failed to keep market breadth in favour of advances. The NSE advance-decline ratio was neutral at 1:1, indicating a bias towards declines.

JSW Steel cheered the announcement of scrip being included into Nifty from September 28 with a gain of more than 8 percent to hit a 52-week high. Lupin that will be excluded from Nifty, closed the session 2 percent lower. YES BANK fell for the second day as the Reserve Bank of India (RBI) nod is yet to come on the reappointment of Rana Kapoor as MD & CEO. Kapoor’s term ends on August 30.

In the futures market, Nifty 11,700 call option added seven lakh shares in the open interest with premium slipping 62 percent, while 11,700 Put option shed 10 lakh shares in the open interest with premium moving 19 percent higher. Nifty August futures closed with a premium of 13 points against a premium of 14 points on Tuesday.

Asia markets were mixed on Wednesday afternoon after the Nasdaq and S&P 500 hit another record high on Wall Street overnight as trade fears eased.

Japan's Nikkei 225 ended the trading day up 0.15 percent at 22,848 after hitting an earlier high of 22,968. The country's shipping sector extended its gains from the previous day by 2.9 percent.

South Korea's Kospi also closed higher by 0.3 percent to end at 2,309. The ASX 200 was up by 0.7 percent to close at 6,352 after trading largely flat in the earlier part of the day. Construction materials and building products supplier

The mainland China markets ended the trading day in negative territory. The Shanghai composite fell by 0.3 percent to close around 2,769, while the Shenzhen composite fell 0.6 percent to close at 1,489. Hong Kong's Hang Seng index pared earlier losses to end the session 0.2 percent in the green at 28,416, even as the information technology sector fell around 1.1 percent.

Disclosure:

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First Published:Aug 29, 2018 4:03 PM IST