MARKET WRAP: Sensex sheds 135 pts, Nifty below 11,300; metals, PSBs plunge

Domestic markets ended Wednesday's trading session with losses as weak corporate earnings and sluggish economic outlook dented investors' sentiment. Indices slipped for the fifth session in a row dragged by metals, banking and automobile stocks.

The benchmark S&P BSE Sensex closed at 37,848 level, down 135 points, or 0.36 per cent with IndusInd Bank, Tata Motors, Bajaj Finance, and Tata Steel being the top laggards. On the contrary, Asian Paints, HDFC, Hindustan Unilever, and HDFC Bank were the top gainers at the 30-share index. Furthermore, the broader Nifty50 slipped below the psychological level of 11,300 to settle at 11,271, down 60 points, or 0.53 per cent.

The indices touched intra-day lows of 37,708 at the Sensex and 11,230 at the Nifty.

In the broader market, the S&P BSE MidCap closed 206 points, or 1.48 per cent, lower at 13,710 levels while the S&P BSE SmallCap slipped 163 points, or 1.23 per cent, to end at 13,043 levels. 

Sectorally, stocks of autos, metals and public sector banks slipped the most. Nifty Metal index settled over 2 per cent lower, followed by Nifty Auto index, down 1.95 per cent. The PSU Bank, Pharma and Realty indices ended lower in the range of 1-1.7 per cent. Among the gainers, only Nifty FMCG and Media indices ended in the green with gains of 0.01 per cent and 1.6 per cent respectively.
 

GLOBAL CUES

Asian shares ended mixed on Wednesday as prospects of fresh China-US trade talks drew a guarded welcome from investors, while dour data on euro zone economic activity hit the euro ahead of a European Central Bank policy meeting.

Japan's Nikkei settled 0.41 per cent higher while South Korea's Kospi was down 0.91 per cent at close. China's Shanghai Composite also gained 0.8 per cent at the close.