Bank stocks tanked on Wednesday on a new Reserve Bank of India (RBI) initiative to link their base rates to marginal cost of fund, while auto stocks bled on less-than-projected November sales data, making the benchmark equity indices to snap a four-day winning streak and close lower.
Investors also turned cautious ahead of the US Federal Reserve's rate-setting meeting in mid-December. Lack of any visible progress on the GST Bill in the ongoing winter session of Parliament also hit sentiments on the Street.
The S&P BSE Sensex ended 51 points, or 0.2 per cent, lower at 26,117 while the Nifty50 closed at 7,931, down 23 points, or 0.3 per cent. SBI and Infosys were the top losers on the BSE benchmark.
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The crucial resistance for Nifty SPOT is now seen at 7980 and above this 8035. Support for the immediate term is now placed at 7877 and next support will be 7812 intact.
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