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Sensex, Nifty Snap 4-Day Record-Breaking Streak Dragged By ICICI Bank, HDFC

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The equity benchmarks snapped their four-day record-breaking streak on Wednesday as traders booked profits at record highs amid weekly expiry of index futures and option contracts a day ahead of market holiday.

The Sensex fell as much as 604 points from a record high of 56,118.57 and Nifty 50 index reversed direction after hitting a record high of 16,701.85.

ICICI Bank, HDFC, Kotak Mahindra Bank, Infosys, Power Grid, Larsen - Toubro and Bharti Airtel were among the top drags on the Sensex.The Sensex ended 163 points lower at 55,629 and Nifty 50 index declined 46 points to close at 16,569."Nifty witnessed correction from an intraday high of 16,700.

It is going to be crucial for the short-term market scenario to sustain above the 16,500.

Traders are advised to refrain from building new buying positions until we see further improvement in the market breadth," said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.Fourteen of 19 sector gauges compiled by the BSE ended lower, led by the S-P BSE Bankex index's over 1 per cent fall.

Metal, Real Estate, Finance and IT indexes also fell 0.3-1 per cent each.On the other hand, Energy, FMCG and Consumer Durable indices ended with a positive bias.Mid- and small-cap shares ended mixed as Midcap index rose 0.26 per cent and Smallcap index slipped 0.2 per cent.Kotak Mahindra Bank was top Nifty loser; the stock fell 2.31 per cent to close at Rs 1,747.

Hindalco, ICICI Bank, SBI Life, Tata Motors, Power Grid, IndusInd Bank, HDFC, Wipro, JSW Steel and HCL Technologies also fell 1-2.3 per cent each.On the flip side, Eicher Motors, UltraTech Cement, Bajaj Finance, Adani Ports, Grasim Industries, Bajaj Finserv, Nestle India and Tata Consumer Products were among the gainers.Hindustan Aeronautics rose 3 per cent after it placed an order of Rs 5,375 crore with GE Aviation, USA for the supply of 99 F404-GE-IN20 engines and support services to power its Tejas Light Combat aircraft.The overall market breadth was negative as 2,084 shares ended lower while 1,096 closed higher on the BSE.




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