The index, which commenced the day higher, moved down to close with a loss of 90.46 points at 14,363.26, after moving between 14,500.64 and 14325.89 points.
MUMBAI: The stock market snapped a five-day gaining streak on Wednesday and ended 90.46 points lower at 14,363.26 as investors booked profits at existing higher level in the absence of any major trigger amid end of futures contract on May 31.
In volatile trade, the Bombay Stock Exchange (BSE) 30-share sensitive index (Sensex) came under pressure after hitting a high of 14,500.64 and gradually moved downwards to end the day at 14,363.26 from Tuesday's close of 14,453.72, a net fall of 90.46 points.
The Sensex had risen by about 524 points of 3.6 per cent in the five-day rally since May 16.
The broader S&P CNX Nifty of the National Stock Exchange (NSE) also dipped by 31.90 points or 0.75 per cent to close at 4,246.20 from previous close of 4,278.10.
The market is expected to consolidate before any strong rally as the BSE barometer has neared the all-time intra-trade high of 14,823.88 touched on February 9, dealers said.
Share prices were driven higher by sustained purchases by Foreign Institutional Investors (FIIs) and domestic funds in the past few days and today's slide was seen as a necessary correction for the market's sound health.
Asian markets exhibited steady to mixed trend during the day, having a sentimental impact on the bourses.
Metal shares, however, were exceptionally firm on fresh buying interest. As a result, the BSE Metal Index strengthened further by 108.25 points or 1.0 per cent to 10,639.40.
The market breadth was sharply negative with 1,635 losers against 926 gainers of the total 2,639 traded shares.
The trading volume was relatively high at Rs 5,316.04 crore compared to Rs 5,289.97 crore on Tuesday. REL Capital remained the top traded share with highest turnover of Rs 205.18 crore followed by Educomp Solutions (Rs 195.56 crore), HDFC (Rs 181.94 crore), Tata Steel (Rs 168.09 crore) and Unitech (Rs 125.92 crore).
The broad-based BSE-100 index fell back substantially by 61.76 points to 7,359.02 from previous close of 7,420.78.
The BSE-200 index and the Dollex-200 were quoted down at 1,741.46 and 714.47 at close compared to previous close of 1,755.86 and 721.15 respectively. The BSE-500 Index dropped by 43.65 points to 5,560.72 from last close of 5,604.37 and the Dollex-30 ended lower at 2,902.27 from 2,927.32.
RIL fell by 19.50 to 1755.75, SBI by 18.85 to 1305.80, ONGC by 13.40 to 912.65, Infosys Tech by 20.60 to 1926.15, ICICI Bank by 13 to 916.55, Reliance Comm by 12.85 to 510.50, Maruti Udyog by 14.80 to 815.10, ITC by 4.35 to 166.35, HDFC Bank by 5.60 to 1111.20, Grasim by 24.65 to 2504.45, Bharti irtel by 10 to 849.20, Bajaj Auto by 11.75 to 2183.30, Tata Motors by 18.90 to 707.95, Dr Reddy's Lab by 7.15 to 655, ACC by 3.90 to 886.85 and Ranbaxy Lab by 9.50 to 389.50.
However, Tata Steel shot up by 31.45 to 658.90, REL by 19.55 to 570.45, HDFC by 6.85 to 1801.30, Hero Honda by 7.00 to 693.70, HLL by 4.25 to 198.45, Satyam computer by 2.80 to 452.25, TCS Ltd by 2.85 to 1232.30 and Wipro by 2.35 to 535.10.
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