Markets pare early gains; Sensex extends losses in choppy trade

The rupee on Wednesday recovered from its record low to close 20 paise higher at 77.51 (provisional) against the greenback

The Sensex and Nifty nursed losses for a second straight session on Wednesday, pressured by steep declines in information technology (IT), fast-moving consumer goods, and pharmaceutical counters amid mixed trends overseas.

High crude oil prices, lacklustre macroeconomic data, and foreign fund outflows also played spoilsport. The 30-share BSE Sensex declined 185.24 points, or 0.33 per cent, to settle at 55,381.17 in a see-saw session.

The broader NSE Nifty dipped 61.8 points, or 0.37 per cent, to finish at 16,522.75. Nestlé India was the top loser among Sensex components, skidding 2.99 per cent. In contrast, Mahindra & Mahindra topped the leaderboard, climbing 1.32