Markets ended 4-day rally. Nifty below 17750

Indian benchmark indices have been corrected today. Nifty was down by 1% while Sensex shed 621 points. 

Except for Nifty Auto, Media, Consumer durables, and PSU banks rest of the sectoral indices were in the red. Nifty IT and Realty were the top losing sectors. 

UPL was the top gainer on Nifty, while JSW Steel was the top loser on the same. Index heavyweight Reliance Industries was down by 2.15 % which was the considerably prime reason why the index has been corrected. 

As we discussed in our mid-day report, the weak global cues impacted our trade pattern. The FED decision to tame inflation by tightening the excess liquidity made equity markets shed recent gains.