Profit booking subdues equity markets

Mumbai, Sep 7 (IANS) Profit booking subdued the Indian equity markets during the mid-afternoon trade session on Wednesday.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) inched down by 3.35 points or 0.04 per cent to 8,939.65 points.

On the other hand, the barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,035.67 points, traded at 28,987.78 points (at 1.30 p.m.) — marginally higher by 9.76 points or 0.03 per cent from the previous close at 28,978.02 points.

The Sensex has so far touched a high of 29,067.84 points and a low of 28,928.10 points during the intra-day trade.

The BSE market breadth was tilted in favour of the bulls — with 1,389 advances and 1,160 declines.

On Tuesday, both the key Indian indices had touched their 52-week high in almost 18 months and closed the day’s trade in the green with gains of over 1.5 per cent each.

The barometer index had gained 445.91 points or 1.56 per cent, while the NSE Nifty surged 133.35 points or 1.51 per cent.

Initially on Wednesday, the benchmark indices opened on a firm note, following positive global markets due to lessened chances of a US rate hike.

In addition, the markets remained buoyed prompted by healthy foreign fund inflows.

“Markets opened on a firm note following healthy FII (foreign institutional investors) inflows and lessened chances of a US rate hike,” Anand James, Chief Market Strategist at Geojit BNP Paribas Financial Services, told IANS.

“However, gains were capped as investors were seen reluctant to chase prices further.”

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the CNX Nifty traded flat on the back of profit booking at higher levels.

“IT and banking stocks traded with mixed sentiments on profit booking, while pharma and auto sector stocks held on to their initial gains,” Desai said.

“Bearish USD/INR futures prices are likely to support firm Nifty price movement in the second half of the session.”

–IANS

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