The Indian equity markets continued with their losing streak for the sixth consecutive session on Wednesday as investors remained spooked ahead of derivatives expiry a day later and execution of the country's biggest indirect tax reform -- Goods and Services Tax (GST) -- after two days.The wider Nifty of the National Stock Exchange (NSE) slipped below the important 9,500-mark after two sessions of holding that level. It fell by 20.15 points, or 0.21 per cent, to close at 9,491.25 points.The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 30,988.87 points, closed at 30,834.32 points -- down 123.93 points, or 0.40 per cent. It slipped below the crucial 31,000-point mark on Tuesday after 21 consecutive sessions.According to market observers, negative global cues, outflow of foreign funds and heavy selling pressure in consumer durables, oil and gas as well as FMCG stocks dampened investors' sentiments.However, the broader market indices outperformed the Sensex, with the S&P BSE mid-cap index up by 0.23 per cent and the small-cap index by 0.13 per cent."Markets drifted down further on Wednesday to end with losses for the sixth consecutive session. The main indices opened on a weaker note amid initial volatility and traded with small losses till early afternoon trade. Later, the indices extended slide for the remaining session," Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS.
"Market sentiment was lacklustre amid weakness in global stocks as policy uncertainty heightened in the US with the Republicans forced to delay vote on a crucial healthcare bill due to lack of support," Jasani added.On the currency front, the rupee weakened by 2-3 paise to 64.55-56 to US dollar from its previous close at 64.53.In investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold stocks worth Rs 469.09 crore while domestic institutional investors (DIIs) purchased scrips worth Rs 168.97 crore."The equity benchmark indices closed in the red with market caution ahead of F&O (futures and options) monthly expiry tomorrow (Thursday). The market turnover was on the lower side ahead of expiry," said Dhruv Desai, Director and Chief Operating Officer of Tradebulls."IT, metal and healthcare ended in the positive, while FMCG and consumer durables ended in the red. Investors turned risk averse ahead of implementation of GST."Sector-wise, the S&P BSE consumer durables index declined by 193.50 points, the oil and gas index by 105.66 points and the FMCG index by 67.84 points.On the other hand, the S&P BSE metal index rose by 177.13 points, the banking index by 63.92 points and the IT index by 28.97 points.Major Sensex gainers on Wednesday were: Tata Steel, up 1.85 per cent at Rs 519.90; Bharti Airtel, up 1.49 per cent at Rs 377.35; Wipro, up 1.17 per cent at Rs 259; Power Grid, up 1.05 per cent at Rs 207.30; and ICICI Bank, up 1.02 per cent at Rs 290.95.Major Sensex losers were: Reliance Industries, down 2.60 per cent at Rs 1,398.50; Asian Paints, down 2.12 per cent at Rs 1,110; HDFC, down 1.38 per cent at Rs 1,628.60; ONGC, down 1.13 at Rs 158.15; and ITC, down 1.12 per cent at Rs 308.15.