The Nifty ended below the 9,500 mark for the first time in over a month on Wednesday weighed down by stocks such as Reliance Industries Ltd amid concerns of higher valuations following a recent record-setting rally.

The broader NSE index closed down 20.15 points or 0.21 percent at 9,491.25, posting its sixth straight session of losses. The benchmark BSE index ended lower by 123.93 points or 0.4 per cent at 30,834.32, its lowest close since May 25.

Domestic sentiment was dampened due to cutting down of positions by participants ahead of June F&O expiry on Thursday and weak global cues.

Weakness in lenders on worries about provisioning for defaulted loans continued, while concerns of bloated valuations following a record-setting rally dampened the risk appetite.

Also, investors remained cautious ahead of June derivatives expiry on Thursday and GST rollout on July 1.

Among BSE sectoral indices, metal index was up 1.62 per cent, followed by power 0.64 per cent, realty 0.56 per cent and TECk 0.31 per cent. On the other hand, consumer durables index fell the most by 1.22 per cent, oil & gas 0.79 per cent, FMCG 0.67 per cent and capital goods 0.25 per cent.

Top five Sensex gainers were Tata Steel (+1.85%), Bharti Airtel (+1.49%), Wipro (+1.17%), Power Grid (+1.05%) and ICICI Bank (+1.02%), while the major losers were Reliance (-2.6%), Asian Paints (-2.12%), HDFC (-1.38%), ONGC (-1.13%) and ITC (-1.12%).

State Bank of India declined as much as 2.1 per cent. It had fallen 3.2 per cent on Tuesday.

Reliance Industries Ltd posted its biggest intraday percentage loss in three months, and was the biggest drag on both the NSE index and the BSE index. The stock had risen 32.8 per cent this year as of Tuesday's close.

However, oil refiners gained as crude traded marginally lower after a report of rising US inventories underscored concerns that a three-year supply glut is far from over.

Indian Oil Corp Ltd climbed as much as 2.4 per cent, while Bharat Petroleum Corp Ltd gained as much as 2.1 per cent.

Nifty bank index

The Nifty PSU Bank index slid as much as 1.7 per cent to its lowest in three months, a day after a news report said the central bank has ordered lenders to raise their provisioning against loans undergoing bankruptcy proceedings.

Domestic shares recently started showing signs of fatigue after an extended record-setting run raised worries over near-term valuations.

The NSE index is up 16.2 per cent this year so far. It last hit a record high on June 6.

“Markets are in a state of limbo,” said Arun Kejriwal, founder of Kejriwal Research & Investment Services.

Tuesday's weakness has not gone away as there are concerns that valuations are pretty expensive, he added.

Global markets

Slumping technology stocks after a global cyber attack and depressed crude oil prices cast a cloud over European shares on Wednesday, sending them to their lowest in two months.

The pan-European STOXX 600 hit its lowest since April 24 in early deals, down 1 per cent, in step with euro zone stocks and blue-chips.

Asian shares slumped on Wednesday after Wall Street was knocked hard in the wake of a delay to a US healthcare reform vote, while the euro rallied after European Central Bank President Mario Draghi hinted that the ECB could trim its stimulus this year.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 per cent in early trading, while Japan's Nikkei share average also slipped 0.2 per cent.

The tech-heavy Nasdaq led a broad Wall Street decline on Tuesday with stocks falling more sharply after a healthcare Bill was delayed in the US Senate, raising fresh questions about President Trump's domestic agenda.

The Dow Jones Industrial Average fell 98.89 points, or 0.46 per cent, to 21,310.66, the S&P 500 lost 19.69 points, or 0.81 per cent, to 2,419.38 and the Nasdaq Composite dropped 100.53 points, or 1.61 per cent, to 6,146.62.

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