Stock market rally fizzles out, Sensex ends nearly 120 points down

New Delhi: The stock market rally fizzled out in closing trade on Wednesday with the Sensex dropping nearly 120 points at close.

The 30-share index closed 117.77 points or 0.30 percent lower at 39,714.20. The gauge hit an intra-day low of 39,374.24 and a high of 40,122.34.

The NSE Nifty dropped by 23.10 points or 0.19 percent at 11,922.80. During the day, the index hit a low of 11,829.45 and a high of 12,039.25.

Yes Bank was the top loser in the Sensex pack, falling 4.27 percent. Other losers include ITC, Vedanta and M&M, shedding up to 3.61 percent. Asian Paints, TCS and HCL Tech were among the gainers, rising up to 2.43 percent.

In the morning trade markets gave a thumbs-up to PM Modi's swearing-in with Sensex returning at 40,000 level while the Nifty was back at 12,000 mark.

Modi took oath for his second term as Prime Minister after leading the BJP-led National Democratic Alliance to a smashing victory in the 2019 Lok Sabha elections.

In the afternoon today, Prime Minister Narendra Modi announced key cabinet portfolios naming Amit Shah as the new Home Minister, Rajnath Singh as the Home Minister, while the biggest surprise was Nirmala Sitharaman who got the  Finance portfolio replacing Arun Jaitley who was not included in the cabinet because of ill health.

Nirmala Sitharaman is the first woman Finance Minister after Indira Gandhi, when she was the Prime Minister.