Equity benchmarks erased the early gains and closed lower
for the third consecutive day on Wednesday, with the Sensex slipping over 237
points, pulled down by HDFC twins following mixed global trends and persistent
foreign fund outflows.

The BSE Sensex closed 237.44 points or 0.41% lower at 58,338.93. During the day,
it declined 285.14 points or 0.48% to 58,291.23.

Similarly, the NSE Nifty slipped 54.65 points or 0.31% to
close at 17,475.65. BSE midcap index fell 0.2% and smallcap index added 0.27%.

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On the sectoral front, FMCG, capital goods, metal and oil
& gas all gained 0.5% each, while realty, auto and bank ended in the red.

Major laggards from the 30-share pack include HDFC down
by 2.01%, HDFC Bank down by 1.90%, Maruti Suzuki down by 1.86%, Dr Reddy Labs
down by 1.71%, Asian Paints down by 1.62%, Power Grid down by 1.57% and Kotak
Mahindra down by 1.15%.

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Among gainers were ITC up by 1.87%, Sun Pharma up by
1.66%, Hindustan Unilever up by 0.99%, SBI up by 0.94%, NTPC up by 0.82% and
Bajaj Finance up by 0.77%.

The rupee slipped 3 paise to close at 76.18 against the
US dollar, following the strength of the greenback in the international market
and weak domestic macroeconomic data.

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Meanwhile, retail inflation jumped to a 17-month high of
6.95% in March and remained above the Reserve Bank’s upper tolerance level,
while industrial output surged just 1.7% in February, according to data
released by National Statistical Office (NSO) on Tuesday.

In Asia, bourses in Hong Kong, Seoul and Tokyo closed in
the green, while Shanghai settled lower. US stocks closed with marginal losses
in the overnight session.

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International oil benchmark Brent crude went up 0.56% to
USD 105.23 per barrel.

According to stock exchange data, foreign institutional
investors remained in selling mode, as they sold shares worth a net Rs 3,128.39
crore on Tuesday.

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Stock markets will remain closed on Thursday for Mahavir
Jayanti and Dr Babasaheb Ambedkar Jayanti, as well as on Friday on account of
Good Friday.