Mumbai: Equity benchmark indices Sensex and Nifty broke their six-day winning run on Wednesday and settled with a steep fall amid fag-end selling triggered by arush for profit booking and mixed global cues. The 30-share benchmark Sensex stayed mostly firm during intraday but settled 434.31 points or 0.59% lower at 72,623.09 points. It touched intra-day low of 72,450.56, down 0.83% from previous closing level of 73,057.40 points. Similarly, the broader Nifty also paired all its intra-day = gains before closing 38 141.90 points or 0.64% ——% down at 22,055.05 points. The 50-share barometer had hita lifetime peak of 22,196.95points on Tuesday and remained mostly in the upward trajectory on Wednesday: In the Sensex pack, 20 stocks ended in the red while 37 of the Nifty constituents closed the session with losses. NTPC was the biggest loser among the Sensex constituents, ending with a loss of 2.71%. It was followed by PowerGrid, Wipro, HCL Tech, L&T and Tech Mahindra. In contrast, Tata Steel, SBI, JSW Steel and IndusInd Bank closed in positive territory, Tata Steel gained 1.99% and SBI ended 1.51% higher. WVinod Nair, head of research at Geojit Financial Services, said the Indian market is facing stiff resistanceathigher levels and the valuation of a broader index is at a significant premium, leading to an unfavourable risk reward, which influences investors to book profits. "Global markets treaded cautiously awaiting the US Federal Reserve (meeting) minutes while Chinese markets were buoyed by policy interventions. "Concerns lingered since investors were heavily betting on a US Fedratecut, which is putatrisk by January's higher-than-expected inflation." he noted.
PTI
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