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Indian equity indices snapped a two-day gaining streak and ended in the red on Wednesday as selling was seen in the large-cap stocks like Infosys, ICICI Bank, Kotak Mahindra Bank, M&M, SBI, and HCL Tech. 

At closing, Sensex was down 426 points, or 0.53 per cent, at 79,942 and Nifty was down 126 points, or 0.51 per cent, at 24,340.

Selling was largely driven by banking stocks. Nifty Bank settled at 51,807, down 513 points or 0.98 per cent.

In the Sensex pack, Infosys, HCLTech, ICICI Bank, Kotak Mahindra Bank, M&M, SBI, HCL Tech, Axis Bank, NTPC, and HDFC Bank were the top losers. Maruti, IndusInd Bank, Adani Ports, ITC, UltraTech Cement, L&T, and Titan were the top gainers.

The market trend remained positive.

On the Bombay Stock Exchange (BSE), 2,894 shares closed in the green, 1,037 shares settled in the red, while, at the same time, 80 shares closed without any change.

Among the sectoral indices, FMCG, media, and infra were major gainers. Auto, IT, PSU Bank and pharma were major laggards.

According to market experts, the domestic market is trying to show some signs of a recovery from the recent lows as the Diwali festival approaches. A notable decline in crude oil prices is bolstering market sentiment, though it also indicates a potential slowdown in global demand.

Currently, stock-specific action related to ongoing Q2 earnings, which is largely weak, is expected to drive the market sentiment in the near term, the experts said, noting that PSU banks have rebounded from recent corrections, driven by positive initial earnings reports, while auto stocks declined due to disappointing results.

Foreign institutional investors (FIIs) sold equities worth Rs 548.69 crore on October 29, while domestic institutional investors bought equities worth Rs 730.13 crore on the same day.