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Sensex, Nifty fall from record highs; metal, banking, capital goods shares lead losses

Sensex ended 271.07 points or 0.51 per cent lower at 52,501. Nifty declined 101.70 points or 0.64 per cent to 15,767

PowerGrid was the top loser on Sensex, falling around 2 per cent today, followed by IndusInd Bank, Reliance, L&T, UltraTech Cement and Bajaj Finance. PowerGrid was the top loser on Sensex, falling around 2 per cent today, followed by IndusInd Bank, Reliance, L&T, UltraTech Cement and Bajaj Finance.

Sensex and Nifty fell off record highs on Wednesday amid intense selling in Reliance and HDFC twins as investors turned cautious ahead of the outcome of the US Federal Reserve's policy meeting.

Sensex ended 271.07 points or 0.51 per cent lower at 52,501. Nifty declined 101.70 points or 0.64 per cent to 15,767.

On Tuesday, Sensex and Nifty closed at record highs led by gains in heavyweights such as Reliance, Infosys, and HDFC twins amid largely positive global cues. Sensex ended 221.52 points or 0.42 per cent higher at 52,773 and Nifty gained 57.40 points or 0.36 per cent to settle at a fresh high of 15,869.

Intra day, the indices hit all time highs of 52,869 and 15,901, respectively.

PowerGrid was the top loser on Sensex, falling around 2 per cent today, followed by IndusInd Bank, Reliance, L&T, UltraTech Cement and Bajaj Finance.

Nestle, NTPC, ONGC, Bajaj Finserv Hindustan Unilever and Infosys were among the top Sensex gainers rising up to 1.66%.

Of 30 Sensex stocks, 22 ended in the red.

Investors were monitoring the two-day US Federal Reserve meeting, which is set to conclude on Wednesday.

Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities said, "For the short-term traders, an aggressive trade has not triggered yet for the index while stock specific move continues; advice keeping a check on leveraged positions. For investors, the broader sentiment remains positive with buying on meaningful dips advisable. Any correction on account of the FED meet outcome remains an opportunity to accumulate. IT and FMCG remain strong while select BFSI stocks can be bought at current levels."

Market cap on BSE fell to Rs 229.85 crore on BSE.

Market breadth was negative with 1,441 shares ending higher against 1,790 stocks falling on BSE .

Metal, banking, capital goods and consumer durables shares were the top losers with their BSE indices falling 498 points, 254 points, 316 points , 358 points, respectively.

BSE mid cap and small cap indices fell 218 points and 171 points, respectively.

Foreign institutional investors (FIIs) emerged as net buyers in the capital market as they bought shares worth Rs 633.69 crore on Tuesday, as per provisional exchange data.

Meanwhile, rupee slipped 1 paisa to close at 73.32 against US dollar. The domestic currency has lost 52 paise in the last seven trading sessions.

At the interbank foreign exchange market, the rupee opened at 73.29 per dollar as against its previous close of 73.31. It hovered in the range of 73.26 to 73.38 during the day.

Lack of fresh triggers from overseas markets also weighed on the local stocks as Asian markets closed mixed. Bourses in Shanghai, Hong Kong and Tokyo ended on a negative note, while Seoul settled with gains.

Equities in Europe were trading mixed in mid-session deals.

International oil benchmark Brent crude was trading 0.14 per cent higher at USD 74.09 per barrel.