Sensex, Nifty snap 4-day winning streak

Indian equity benchmarks snapped their four-day winning streak as investors booked profits a day ahead of the Reserve Bank of India's monetary policy decision, reports NDTV Online.

Meanwhile, expectation of below average monsoon rains later in the year predicted by a private weather forecast company Skymet also weighed on the investors' sentiment, analysts said. The S&P BSE Sensex fell as much as 444 points from record high of 39,270.14 and the NSE Nifty 50 Index dropped 132 points from an all-time high of 11,761 seen in morning deals.

The Sensex ended 180 points or 0.46 per cent lower at 38,877 and the NSE Nifty 50 Index fell 69 points or 0.59 per cent to close at 11,644.

The RBI's six-member monetary policy committee (MPC) began its three day review on Tuesday, and most analysts expected it to take a cautious approach given uncertainty over who will lead the government after the coming elections and what their fiscal policy will be.