Sensex Drops 271 Points; Nifty Dips Below 15,800

Indian shares ended Wednesday's session lower as oil extended its winning run to breach the $74 per barrel mark and investors remained wary of a hawkish surprise by the Federal Reserve at the end of a two-day policy meeting later in the day. Global cues were muted, heading into the Fed meeting.

The benchmark 30-share BSE Sensex fell 271.07 points, or 0.51 percent, to 52,501.98, snapping a four-day winning run. The broader NSE Nifty index ended down 101.70 points, or 0.64 percent, at 15,767.55.

Metal stocks came under heavy selling pressure, with JSW Steel, Hindalco and Tata Steel all falling around 3 percent, after China's stockpiling body said it would release national reserves of major industrial metals in an effort to rein in surging commodities.

Adani group stocks fell again after it emerged that three Mauritius-based funds that had substantially invested in the Group, were facing some suspension due to a years-old regulatory order.

Adani Green Energy, Adani Transmission, Adani Power, Adani Total Gas, Adani Enterprises and Adani Ports lost 4-8 percent.

LIC Housing Finance slumped 5.4 percent after its fourth-quarter profit fell 5.33 percent due to a sharp rise in impairment on the financial instruments.

Among the top gainers, NTPC, ONGC, Nestle India and Tata Consumer Products rose 1-2 percent.

Infosys shares hit a record high in intraday trading before ending the session modestly higher.

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