The stock market snapped one of the longest and strongest winning streaks as the benchmark Sensex on Thursday ended 70 points lower in high volatility caused by heavy selling by domestic funds, although FIIs made purchases.

Domestic investors, including financial institutions, were heavy sellers ahead of the mid-term review to be released by Reserve Bank of India (RBI) at the month-end, and forthcoming earnings season beginning next week.

The market remained choppy throughout and fluctuated in a range of 17,890.49 and 17,494.70 before ending at 17.777.14, a net fall of 69.90 points or 0.39 per cent from Wednesday’s close of 17,847.04. The broader S&P CNX Nifty of the National Stock Exchange (NSE) also eased by 2.15 points or 0.04 per cent to close at 5,208.65 from previous close of 5,210.80.

The market failed to sustain the level seen Wednesday largely because of heavy profit-booking by retail investors and local funds, which seem to have taken seriously, the word of caution from P Chidambaram, and a negative global trend.