Profit booking, global cues subdue equities; realty stocks fall (Ld)

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Profit booking along with subdued global cues dragged India’s key equity indices — S&P BSE Sensex and NSE Nifty50 — lower during the late-afternoon trade session on Thursday.

Globally, shares came under intense selling pressure.

On the domestic front, volumes on the NSE were lower than recent average.

Amongst sectors, Consumer Durables and Auto were the main gainers while Realty, Oil & Gas, Capital Goods and IT indices fell the most.

Consequently, at 3.10 p.m. Sensex traded at 58,840.50, down by 717.83 points or 1.21 per cent.

Similarly, Nifty fell during the intra-day trade session. It was down by 191.85 points or 1.08 per cent to 17,588.15 points.

“Nifty corrected on Feb 3 after a three day rally, in line with other global markets, as the euphoria post the Union Budget seemed to be dying down and technology stocks across the globe came under selling pressure,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“Nifty has fallen without making a new high compared to the previous day and has filled the upgap made on the previous day. There are weak technical signals.”

According to Gaurav Garg Head of Research CapitalVia Global Research: “Across much of Asia, markets were trading uneven, with a split between those suffering from profit-taking after a recent rally and those playing catch-up after a midweek vacation.”

“On the domestic front, auto stocks were trading higher on predictions that rising economic activity and job growth would boost demand for automobiles, notably two-wheelers.”

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