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Markets end flat on profit-booking

Markets end flat on profit-booking
Highlights

Market participants scrambled to book profits on Tuesday, pausing the stellar two-day rally in benchmarks Sensex and Nifty as investor euphoria over the surprise corporate tax cut tapered off.

Mumbai: Market participants scrambled to book profits on Tuesday, pausing the stellar two-day rally in benchmarks Sensex and Nifty as investor euphoria over the surprise corporate tax cut tapered off.

The 30-share Sensex opened on a positive note and went on to hit a high of 39,306.37 during the session, but as investors took this opportunity to book profits, the gauge slipped and ended with a meagre gain of 7.11 points, or 0.02 per cent, at 39,097.14.

On the other hand, the 50-share NSE Nifty settled 12 points, or 0.10 per cent, lower at 11,588.20.

In the past two days, the Sensex zoomed 2,996.56 points, or 8.30 per cent; while the 50-share Nifty soared 895.40 points or 8.36 per cent.

Sectorally, BSE IT, teck, energy, FMCG, healthcare and power indices ended up to 2.31 per cent higher. While BSE capital goods, metal, bankex, realty, finance and industrials indices settled up to 1.80 per cent lower.

Broader BSE midcap index closed 0.51 per cent lower while the BSE smallcap index advanced 0.17 per cent.

Meanwhile, the rupee was quoted 7 paise lower at 71.01 against the US dollar in intra-day trade on Tuesday. Brent crude futures fell 0.79 per cent to $63.77 per barrel (intra-day).

In Asian stock markets, Hang Seng, Shanghai Composite Index, Nikkei and Kospi ended on a positive note.

Asian markets rose but dealers remain on edge following contrasting economic data out of Europe and the US as investors await developments in the China-US trade standoff.

Investor focus still remained on whether the US and China can find a solution to their long-running tariffs spat.

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