Bears ruin market mood, banking and metal stocks crack

Equity benchmark indices dipped sharply on Wednesday with broad-based selling across the counters as investors turned cautious after some corporates reported lower-than-expected numbers. At the closing bell, the BSE SandP Sensex was down by 938 points or 1.94 per cent at 47,410 while the Nifty 50 lowered by 271 points or 1.91 per cent to 13,968. Except for Nifty FMCG, all other sectoral indices at the National Stock Exchange were in the red with Nifty private bank dipping by 3 per cent, PSU bank by 1.5 per cent, financial service by 2.7 per cent, pharma and auto by 2 per cent each. Among stocks, Tata Motors was the top loser after dipping 4.4 per cent to Rs 266.75 per share.