Mumbai: Retreating from one-week highs, the benchmark Sensex today slipped about 160 points to 27,425.73 on profit-booking after a three-day robust rally and negative sentiment as global crude prices slid towards six-year lows.
Realty, Oil&Gas and Consumer Durable shares saw heavy selling on diminishing hopes of a rate cut after retail inflation marginally rose to 5 percent in December while the country's industrial production grew 3.8 percent in November.
The BSE Sensex resumed higher a 27,611.56 and hovered in a range of 27,670.19 and 27,324.58 before ending at 27,425.73, showing a loss of 159.54 points or 0.58 percent.
The Sensex had gained by 676.45 points, or 2.51 percent, in the previous three days to hit one-week high levels.
The NSE 50-share Nify also moved down by 23.60 points, or 0.28 percent, to 8,299.40 -- a tad below the key 8,300-mark.
Major Sensex laggards include ICICI Bank, Infosys, ONGC, HDFC and Reliance Industries while gainers include ITC, M&M and Wipro.
Crude oil was dealt another blow Tuesday when key OPEC member the UAE said the cartel could not stop world prices plunging and called for a cut in US shale oil output.
Brent crude for February delivery fell USD 45.50 a barrel -- around its lowest point since April 2009. On Monday, it had plunged more than five percent to end below USD 50.
"Rise in IIP cheered the markets. However, further slump in oil prices made the overall mood of the markets grim," said Bonanza Portfolio, Associate Fund Manager, Hiren Dhakan.
Global markets were mixed. In Asia, indices in China, Hong Kong and Taiwan moved up by 0.19 percent to 0.79 percent after data showed China's exports climbed more than estimated in December. Barometers in Japan, Singapore and South Korea eased by 0.11 percent to 0.64 percent.
In Europe, the UK's FTSE, France's CAC and Germany's DAX were trading higher in late morning trades.
Meanwhile, provisional data from stock exchanges showed that foreigners bought shares worth a net Rs 244.95 crore yesterday.
US stocks ended lower yesterday, led by decline in energy shares as oil tumbled and concern grew ahead of earnings.
Back home, 21 scrips of the 30-share Sensex pack ended lower while nine others finished higher.
Major Sensex losers were ONGC (2.37 percent), ICICI Bank (1.57 percent), Hero MotoCorp (1.45 percent), Tata Power (1.37 percent), Tata Steel (1.37 percent), HUL (1.33 percent), Infosys (1.30 percent), Larsen & Toubro (0.93 percent) and NTPC (0.93 percent).
However, M&M rose by 1.25 percent, Wipro 1.78 percent and Coal India 0.77 percent among the few Sensex gainers.
Among the S&P BSE sectoral indices, Realty fell by 1.85 percent, followed by Oil&Gas 1.06 percent and Consumer Durables 1.20 percent. IT, Metal and capital goods also suffered moderate losses.
Total market breadth turned negative as 1,541 stocks ended in the red, 1,381 finished in the green and 93 ruled steady. Total turnover rose to Rs 3,996.31 crore from Rs 3,019.46 crore yesterday.
