The Indian markets on Wednesday closed in the red for the second straight session as the Sensex slipped 185 points and Nifty50 settled near 16550 levels, mainly dragged by IT and pharma indices. 

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At the market close, the BSE Sensex was down 185 points or 0.33 per cent to 55381, while Nifty50 slipped 61 points or 0.37 per cent to 16522 levels. Outperforming the frontline indices, the broader markets’ mid-cap and small cap closed higher to gain 0.1 and 0.4 per cent respectively. 

The 12-share banking index – Nifty Bank also outperformed the Nifty index by gaining 133 points or 0.38 per cent to 35620 levels, led by Kotak Bank and HDFC Bank. 

As many as 17 stocks advanced and 33 declined on Nifty50 at the close. JSW Steel surged most of all to become a top Nifty gainer by around 4 per cent, followed by Coal India, HDFC Life, Grasim and Mahindra and Mahindra each up between 1-2 per cent at the market close. 

On the contrary, Bajaj Auto slumped most by all to become a top Nifty loser by nearly 4 per cent, followed by Apollo Hospitals down over 3 per cent. While Hindalco, Tech Mahindra, Bajaj Finserv and Britannia were each down between 2-3 per cent at the market close on Wednesday.

Aluminium majors Hindalco, Vedanta, and Nalco plunged on weak global prices, each of them down between 2-4 per cent. Brokerage upgrades after strong Q4 lifted M&M shares, as stock registered a record high level for third straight session on Wednesday.

In broader markets, Piramal Enterprises gained another 6 per cent today, as the stock surged around 15 per cent in the last 2 sessions, while Info Edge hits 10 per cent upper circuit following healthy March quarter earnings.

Sectorally, majority of indices closed in the red, with IT and Pharma declining over 1 per cent, while Nifty Bank, Financial, Metal, and Consumer Durables closed in the green in otherwise negative market at the close on Wednesday.