Markets snap 6-session rally over profit taking

Mumbai: Snapping their six-session winning streak, equity benchmarks Sensex and Nifty ended marginally lower on Tuesday following fag-end profit-booking in IT, FMCG, finance and auto stocks.

After rallying 487 points to touch its lifetime intra-day high of 51,835.86, the 30-share BSE Sensex pared all gains to end 19.69 points or 0.04 per cent lower at 51,329.08. Similarly, the broader NSE Nifty slipped 6.50 points or 0.04 per cent to 15,109.30. It touched a record peak of 15,257.10 during the day. M&M was the top drag in the Sensex pack, shedding 3.62 per cent, followed by Bajaj Finance, ITC, Sun Pharma, Bajaj Auto, Bajaj Finserv and TCS.

On the other hand, Asian Paints, ONGC, Titan, L&T, Axis Bank and UltraTech Cement were among the gainers, climbing up to 3.70 per cent. "The market failed to hold on to its upward rally to close flat due to heavy selling towards the close, mirroring the weakness seen in the European market and outflows in equity mutual funds. Most of the sectors ended hitting rough weather with auto, pharma and media stocks being the worst affected.

"However, banking and finance stocks were in positive territory. US markets remained firm on hopes of the additional stimulus package and swifter economic recovery continued to maintain optimism," said Vinod Nair, Head of Research at Geojit Financial Services. BSE auto, realty, FMCG, metal, healthcare and IT indices ended in the red, while consumer durables, telecom, capital goods, finance and bankex finished with gains. Broader BSE midcap and smallcap indices slipped up to 0.26 per cent.