Markets end lower on profit-booking
Stock markets ended six-day winning streak on Thursday as investors went for profit-booking amid mixed global cues. Benchmark BSE Sensex shed 171 points to close 24,623 points, recording its first drop in seven sessions while the NSE Nifty slid below 7,500.
Sensex sheds 171 points, snapping six-day winning streak
Mumbai: Stock markets ended six-day winning streak on Thursday as investors went for profit-booking amid mixed global cues. Benchmark BSE Sensex shed 171 points to close 24,623 points, recording its first drop in seven sessions while the NSE Nifty slid below 7,500.
The upsurge in the previous six sessions mostly came on the back of continued foreign fund inflows and expectations that RBI would reduce the policy rate. Moreover, a mixed closing at other Asian markets and a lower opening in Europe showed up in sentiment.
The 30-share Sensex opened higher and rose further before profit-booking in recent gainers took hold, which pulled it down to 24,623.34 at the close, a loss of 170.62 points, or 0.69 per cent.
However, some strength in the rupee prevented further blows. The premier index had risen about 1,792 points in the past six sessions, its longest winning run since October last year. The 50-share NSE Nifty settled lower by 45.65 points, or 0.61 per cent, at 7,486.15. Intra-day, it shuttled between 7,447.40 and 7,547.10.
Of the 30-pack Sensex, 20 ended with losses and 10 higher. Shares of BHEL melted the most falling 2.93 per cent to Rs. 104.50, followed by RIL (2.92 per cent) at Rs. 1,011.50.
The country’s second-largest IT exporter Infosys too slid 2.51 per cent to Rs. 1,148.90 after reports that some of its founders sold off shares. Other that contributed to the fall include GAIL, L&T, SBI, ITC, Axis Bank, Dr Reddy’s, M&M and Hero MotoCorp.
Asian Paints, HDFC, Maruti Suzuki, Bharti Airtel, Cipla, Sun Pharma, NTPC, ONGC, Bajaj Auto, Tata Steel and Tata Motors rose, thus cushioning the fall. The BSE capital goods index took the biggest knock, down 1.70 per cent, followed by IT 1.33 per cent, technology 1.21 per cent, oil and gas 1.05 per cent and realty 1.04 per cent.
In line with the overall trends, the broader markets witnessed selling, with the mid-cap index declining 0.32 per cent and small-cap shedding 0.18 per cent. Foreign portfolio investors (FPIs) bought shares worth a net Rs. 462.86 crore on Wednesday, as per provisional data.