Key indices pare early gains on profit booking
Sensex, Nifty skid for 3rd day as bank, finance stocks tumble
image for illustrative purpose
Mumbai: The BSE Sensex surrendered early gains to finish in the red for the third session on the trot on Wednesday as investors booked profits at higher levels amid a largely negative trend in global markets.
A depreciating rupee and lack of fresh buying triggers also kept sentiment at a low ebb, traders said. After rallying nearly 400 points during the day, the 30-share BSE index made a U-turn in the last hour of trade to settle 66.95 points or 0.13 per cent lower at 52,482.71. Similarly, the broader NSE Nifty slipped 26.95 points or 0.17 per cent to close at 15,721.50.
"Markets started on a strong note but gave up gains in the afternoon session on profit booking. The broader markets however saw plenty of action across specific themes. Paper stocks stood out today with the top three players witnessing smart accumulation. Being the last day of the first quarter, the street now braces for the earnings to kick in early next month," said S Ranganathan, head (research) at LKP Securities.
Vinod Nair, head (research) at Geojit Financial Services, said: "The spread of the Delta variant of the coronavirus remained a concern in the Asian markets. The global markets are eyeing the release of the US jobs data for June due this week, which is crucial for the US Fed's monetary policy decision."
