Closing Bell: Market Snaps 6-Day Winning Streak; Nifty Slides Below 22,100, IT Stocks Lead Decline

Indian indices struggled to maintain their opening gains as investors cautiously awaited the release of the Federal Open Market Committee (FOMC) minutes. The Nifty, which initially showed promise, slipped nearly 200 points from its record high of 22,249, signaling a shaky close for the day.

The midcap segment faced notable underperformance, with the Midcap Index falling 1%, compared to the 0.6% decline in benchmark indices. Nifty Bank, however, managed to relatively outperform, ending with a minor cut of 75 points at 47,020.

IT stocks took a hit ahead of the FOMC minutes, with Nifty IT witnessing a 2% dip. The broader market sentiment was reflected in the Sensex, which fell 434 points to 72,623, and Nifty, which dropped 142 points to 22,055.

In the midst of the market fluctuations, ABB India surged more than 10% on the back of a robust Q4 performance and positive management commentary. Real estate stocks continued their winning streak, buoyed by strong demand. Various stocks in the sector witnessed gains ranging from 2% to 3%. MRF, the tire giant, made headlines by reaching a record high with its share price hitting Rs 1.5 lakh.

On the flip side, Zee Entertainment faced a setback, sliding 15% as the company vehemently denied reports of reviving talks with Sony. The denial triggered a sell-off, causing a notable dip in Zee Entertainment's stock.

GMR Airports experienced profit booking, leading to a 5% fall in its stock. Indian Energy Exchange (IEX) slipped in the last hour of trade following the Central Electricity Regulatory Commission's (CERC) directions to power exchanges.

State Bank of India (SBI) continued its upward momentum, securing its position as the fifth-largest company in terms of market capitalization. The sustained positive movement reflected investor confidence in the banking giant. Gujarat Gas built on Tuesday's positive move as the company contemplated a price cut to regain volume.

As the market closed, the breadth favored declines, with an advance-decline ratio standing at 1:2. The mixed sentiments and the impending release of FOMC minutes contributed to the day's rollercoaster ride for investors.