Sensex snaps six-day rally, closes down 171 points

The equity indices cracked six-day rally on Thursday due to profit-booking by investors after recent gains amid a lacklustre trade in Asia.

BSE index, Sensex plunged nearly 294 points during intra-day and closed down 171 points, or 0.69% at 24,623.34. While NSE's Nifty ended down 45 points, or 61% at 7486.15.

In the 30-share index, among the top gainers were Torrent Power (5.62%), Max Financial Services (5.38%), Welspun Corp (5.01%), PVR (4.33%) and Gujarat Mineral Development Corporation (4.12%). While the losers were, Jubilant (5.36%), Renuka (4.81%), UCO Bank (4.16%), Indiabulls Real Estate (4.04%) and Emami (4.01%).

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 462.86 crore on Wednesday, as per provisional data released by the stock exchanges. 

Most other Asian stocks edged higher after New Zealand surprised markets with a rate cut, keeping investors primed for more stimulus from the European Central Bank (ECB) later on Thursday.

Global policymakers are stepping up efforts to revive their weak economies. A rebound in the price of oil, a source of recent anxiety, also calmed investor nerves. US stocks closed modestly higher on Wednesday as a rally in oil prices and sharp advances in energy and technology stocks kept the main indices upbeat. 

(With agency input)