Closing Bell: Nifty closes below 9,500, Sensex slips 124 points, RIL falls 2.5% - Free Intraday Tips Call on 9644405056

The NSE-Nifty closed lower by 0.20% on Wednesday as weakness in lenders on worries about provisioning for defaulted loans continued, while concerns of bloated valuations following a record-setting rally dampened risk appetite. 

Sensex lost 124 points to close at 30,834 points. The Nifty PSU Bank index slid as much as 1.7% to its lowest in three months, a day after a news report said the central bank has ordered lenders to raise their provisioning against loans undergoing bankruptcy proceedings. 

Indian shares recently started showing signs of fatigue after an extended record-setting run raised worries over near-term valuations. Best services for customers with full technical support make your Financial Trading more easy click here to subscribe us for free >> http://www.ripplesadvisory.com/free-trial.php

The Nifty is up 16.2% this year so far. It last hit a record high on 6 June. Tuesday’s weakness has not gone away as there are concerns that valuations are pretty expensive. State Bank of India declined as much as 2.1%. It had fallen 3.2% on Tuesday. Reliance Industries Ltd fell as much as 2.5%, its biggest intraday percentage loss in 3 months, and was the biggest drag on both the Nifty and the Sensex. The stock had risen 32.8% this year as of Tuesday’s close. 

However, oil refiners gained as crude traded marginally lower after a report of rising US inventories underscored concerns that a three-year supply glut is far from over. Indian Oil Corp (IOC) climbed as much as 2.4%, while Bharat Petroleum Corp Ltd (BPCL) gained as much as 2.1%.