Indian shares snap 4-day rally on profit booking; Bank of India slumps 4%

india trader
A broker monitors share prices at a brokerage firm in Mumbai. REUTERS

Indian stocks ended lower after a four-day rally on Wednesday, as investors booked profits in recent outperformers such as banks and auto stocks.

The S&P BSE Sensex fell 0.18 percent at 33,777 while the broader NSE Nifty declined 0.18 percent to 10,444.

Among the top Sensex losers, Dr. Reddy's dropped 1.6 percent, Bharti Airtel shed 1.5 percent, Mahindra and Mahindra lost 1.3 percent while Tata Steel was down 1 percent.

Shares of Bank of India plunged 4 percent after the Reserve Bank of India put the bank under prompt corrective action framework after reviewing the bank under the risk supervision model.

But Religare Enterprises jumped 5 percent after Edelweiss said it will acquire Religare's securities operations.

Reliance Communications surged 34 percent. A group of bondholders of RCom have hired advisers after the company defaulted on its dollar-denominated notes last month.

Maruti Suzuki India hits Rs10,000-share mark first time and became nation's sixth company to cross Rs3 trillion market capitalisation after its shares surged over 84 percent so far this year.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

Asian shares fell, taking their cues from Wall Street with investor enthusiasm toward U.S. tax changes ebbing.

The U.S. House of Representatives voted to approve the tax bill Tuesday, but will have to vote again today because the current draft doesn't comply with Senate rules.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent in early trading, while Japan's Nikkei stock index also edged down 0.2 percent.