Sensex snaps 3-day rally, small-, mid-caps rise

The BSE Sensitive Index fell, paced by Reliance Industries, as investors judged a three-day, 9.1 per cent advance, as excessive. Small and mid-sized companies attracted more buyers on expectations of cheaper valuations.

Reliance Industries, the nation's largest company by market value, fell for the first time in five days. State-run Oil and Natural Gas Corporation declined after advancing more than 10 per cent in the previous three sessions.

State Bank of India, the country's largest bank by assets, fell for the first time in five days. Most major Asian indices also ended lower.

The Sensex lost 67.20 points, or 0.4 per cent, to 18,048.05. The gauge of 30 companies rose as much as 0.8 per cent and fell as much as 1.2 per cent.

Seven out of 13 industry indexes on the exchange declined. Two stocks rose for every one that fell on the bourse. The S&P CNX Nifty declined by 26 points, or 0.5 per cent, to 5,276.90.

"The fall is along expected lines as the market digests gains after a three-day rise,'' said R Baskar Babu, head of equity broking at PINC Research.