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Nifty snaps six days of gains as pharma, energy stocks drag
Photo Credit: Reuters

Indian shares closed lower on Wednesday, with the Nifty 50 snapping a six-day winning streak, as pharmaceuticals and energy stocks dragged the market lower, although a stronger finish by public sector banks helped limit losses.

The NSE Nifty 50 index ended 0.12% at 11,308.40, while the S&P BSE Sensex fell 0.10% to 38,369.63.

While Indian equities have firmed in the last few sessions, with the Nifty 50 gaining nearly 4% in the last six sessions, analysts said investors are watching uncertainties around the big U.S. fiscal stimulus and holding back from making big bets.

Asian markets too slipped on Wednesday as doubts grew about whether U.S. lawmakers would reach an agreement on the coronavirus fiscal package to support its struggling economy.

Meanwhile, COVID-19 infections in India reached 2.33 million on Wednesday after rising by more than 60,000 over the previous day, government data showed. The death toll increased to 46,091.

In Mumbai trading, the Nifty pharmaceutical index extended losses and ended 1.55% lower, led by a more than 2% drop in drugmakers Cipla Ltd and Sun Pharma Ltd each.

Among gainers, the Nifty PSU Bank index ended up 2.7%, led by a 4.33% jump in State Bank of India.

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