Profit Booking Drags Sensex, Nifty Lower After Four-Day Rally
Mumbai : Indian stock markets, including the Sensex and Nifty, experienced a downturn today, snapping a four-day rally as investors engaged in profit-taking amidst broader weakness in Asian equities and anticipation of US Fed minutes.
Indian benchmark indices, Sensex and Nifty, ended lower due to profit-taking following a four-day rally.
The 30-share BSE Sensex settled 104.35 points lower, while the 50-share NSE Nifty dipped 31.65 points.
Trent shares were the top loser, tumbling 12.42 per cent after its June quarter revenue growth missed market expectations.
Weakness in Asian markets and investor caution ahead of US Fed minutes contributed to the negative sentiment.
IT stocks, including HCL Tech and Infosys, provided some support, extending gains ahead of the June-quarter earnings season.
Market benchmark indices Sensex and Nifty ended lower on Tuesday amid profit-taking after a four-day rally, in line with weakness in Asian equities. Buying in IT stocks, however, cushioned the market's fall.
Market Performance Overview : Fag-end selling dragged the 30-share BSE Sensex lower, leading the benchmark to settle 104.35 points, or 0.13 per cent, down at 78,180.72. During the day, it climbed 379.85 points, or 0.48 per cent, to 78,664.92. The 50-share NSE Nifty dipped 31.65 points, or 0.13 per cent, to end at 24,398.70.
Top Gainers and Losers : From the Sensex pack, Trent emerged as the top loser by tumbling 12.42 per cent after its June quarter revenue growth missed market expectations.
Adani Ports, Bharat Electronics, Larsen & Toubro, Reliance Industries and ICICI Bank were also among the laggards. HCL Tech, Tech Mahindra, Infosys, Titan, Eternal and Tata Consultancy Services were among the major winners.
Global Market Cues and Expert Insights : Brent crude, the global oil benchmark, jumped 1.22 per cent to $72.87 per barrel. In Asian markets, South Korea's Kospi tanked 4.91 per cent.
Japan's Nikkei 225, Shanghai's SSE Composite index and Hong Kong's Hang Seng also ended lower. Markets in Europe were trading on a mixed note.
"Profit booking emerged in the latter half of the session as weakness across Asian markets and investor caution ahead of the US Fed minutes weighed on sentiment. However, IT stocks continued to lend support, extending gains ahead of the June-quarter earnings season as the sector recovered from recent corrections," Vinod Nair, Head of Research, Geojit Investments Ltd, said.
Foreign Institutional Investors (FIIs) bought equities worth Rs 243.03 crore on Monday, according to exchange data.
