Markets pare early gains on profit booking
Volatility is back due to inflationary pressures triggered by supply-chain disruption; Profit-taking in banking, financials and select IT stocks; HDFC twins, Infy suffer the most
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High Commodity Prices Impacting Earnings
- BSE Sensex declined by 304.48 pts to 57,684.82
- NSE Nifty dipped 69.85 pts to 17,245.65
- Kotak Mahindra Bank, Airtel, Sun Pharma, Maruti, M&M and Asian Paints declined
- Dr Reddy's, Tata Steel, ITC and Power Grid among gainers
- 29 of NSE-50 stocks in the red
Mumbai: Benchmark BSE Sensex reversed its early gains to close lower by 304 points on Wednesday due to profit-taking in banking, financials and select IT stocks after a recent surge. The 30-share BSE barometer opened higher and rose further to 58,416.56 in line with gains in Asian shares. However, profit-taking by investors in recent winners and lackadaisical buying at higher levels dragged down the index which tanked over 420 points to hit the day's low of 57,568.59 points in the second half.
The BSE Sensex finally closed lower by 304.48 points or 0.53 per cent to settle at 57,684.82. During the day, it tanked 420.71 points or 0.72 per cent to 57,568.59. The broader NSE Nifty dipped 69.85 points or 0.4 per cent to finish at 17,245.65 with 29 of its stocks ending in red.
"Domestic equity market is stuck in a range for the last couple of days amid increasing volatility. Despite opening in the green, follow up buying was missing at higher levels.
