Taking Stock: Market snaps 4-day winning streak as investors await US Fed meet outcome

Benchmark indices broke the four-day winning streak and ended near the day's low on June 16 with investors awaiting US Fed policy outcome later today. The Sensex was down 271.07 points, or 0.51%, at 52,501.98 and the Nifty was down 101.80 points, or 0.64%, at 15,767.50.

"The Nifty managed to close above the support of 15,700 which is a positive sign. If we break this level on a closing basis, the current trend would need to be evaluated again. A risk-reward trade can be considered at these levels where the target would be 15,900-16,000 and a stop could be placed below the closing of 15,700. Until we do not break 15,700 on a closing basis, the current trend remains bullish," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

On the sectoral front, except IT and FMCG, all other indices ended in the red with metal index falling nearly 3 percent and infra index losing 1.2 percent. BSE Midcap and Smallcap indices fell 1 percent and 0.6 percent, respectively.

Adani Ports, Tata Steel, JSW Steel, Hindalco and Power Grid Corp were among the top losers, while gainers included Tata Consumer Products, NTPC, Nestle, ONGC and HUL.