Sensex snaps 10-session winning run, skids 264 points on Wednesday

Snapping its 10-session gaining streak, the Sensex tumbled 264 points on Wednesday to close at 48,174.06 points as investors booked profits in Reliance Industries (RIL) as well as IT, finance and FMCG stocks amid mixed global cues. The Nifty declined by 53.25 points (0.38%) to close at 14,146.25. The Nifty Bank, however, ended with minor gains.

While the markets were dragged by selling in heavyweight stocks such as RIL, select financials and metal stocks witnessed buying. The Nifty Bank gained 0.24% thanks to the buying in heavyweight stocks.

What’s interesting is that due to the recent rally, within a period of 30 days, ICICI Bank has become the third Indian lender to touch all-time highs in terms of market capitalisation (m-cap). ICICI Bank’s m-cap touched Rs 3.77 lakh crore and its stock price intra-day touched Rs 550.55, which was a record high.