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Sensex, Nifty Snap Two-Day Winning Streak As Metals, Lenders Drag – BloombergQuint

India equity benchmarks snapped a two-day winning streak as investors weighed declining coronavirus infections in the nation against the impact of global inflationary pressures and fund outflows.

The S&P BSE Sensex fell 0.6% to 49,902.64, after reaching a two-month high on Tuesday. The NSE Nifty 50 Index also gained by a similar magnitude. Eleven of the 19 sector sub-indices compiled by BSE Ltd. dropped, led by a gauge of telecom companies. On the flip side, the S&P BSE Realty index gained the most, closing at 2.2% higher.

“Concerns from rising inflationary pressure globally and increasing apprehension among investors about Federal Reserve’s soft monetary stance due to sharp rise in CPI inflation may weigh on sentiments,” Binod Modi, strategist at Mumbai-based Reliance Securities Ltd. said in a note. “Investors will continue to focus on trajectory of daily caseload and vaccination ramp up in the country in the near term.”