Markets snap 3-day gains, fall 45 points

The markets reversed early gains and shed 0.2 per cent on Wednesday, halting a three-session rally as traders opted to book profits.

Trade remained choppy amid subdued volumes as the year-end closed in, but investors were optimistic about the outlook for 2011 on the back of strong economic growth.

Financials led the decline, with the banking sector index dropping 0.6 per cent after rising 2.3 per cent in the previous session.

The 30-share BSE index fell 0.22 per cent, or 44.52 points, to 20,015.80, with half of its components losing ground.

Advance-decline ratio for the broader market was at 1.1 to 1, in a low volume of 330 million shares.

Telecom stocks rebounded after the recent decline. Bharti Airtel gained 3.1 per cent, while Reliance Communications firmed 0.8 per cent.

The 50-share NSE index shed 0.3 per cent at 5,984.40.

SEARCH