MUMBAI: The BSE Sensex and NSE Nifty closed in red on Tuesday and snapped three days gaining streak on the back of selling in frontline blue chip counters. Sensex closed 58.09 points down at 27,306.83. Nifty closed 13.40 points down at 8,261.65.

In the 50-share index, Vedanta, Cairn India, Tata Steel, Mahindra & Mahindra and Hindalco dipped between 2.50 percent and 6.50 percent. On the other hand, Bosch, Tata Power, TCS, Power Grid and Infosys gained between 1.40 percent and 2.10 percent.

Market sentiments remained under pressure after global rating agency Standard and Poor’s ruled out any rating upgrade for India, though it said that improvement in policy making have raised the country’s prospect for economic and fiscal performance.

Traders were seen piling position in power, consumer durables and IT stocks, while selling was witnessed in metal, realty and oil & gas sector stocks. The BSE Power index, Consumer Durables index and BSE IT index gained 1.36 percent, 0.46 percent and 1 percent, respectively.

The BSE Metal and the BSE Oil & Gas slid 1.8 percent and 0.72 percent, respectively.

Overall market breadth for the day remained negative as advances to declines ratio for Nifty stood at 17:33 for the day. Volumes for Nifty stocks stood at 1,598 lakh against Monday’s volumes of 1,282 lakh logged for Nifty stocks.

Tata Steel closed 2.96 percent down at Rs 240.80 on BSE after the company’s Long Products Europe business announced proposals to stop production of steel plate.

Asian peers, Nikkei and Shanghai closed 0.42 percent and 1.14 percent up at 18,207 and 3,425. Hang Seng closed 0.37 percent down at 22,989.