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Profit booking subdues equities, banking stocks down
Mumbai, May 25, 2021
Profit booking subdued India's benchmark key equity indices on Tuesday.
Both indices - S&P BSE Sensex and NSE Nifty50 - opened higher, but started to fall soon thereafter.
After an intra-day bottom, a small recovery was seen.
In Asia, stock markets followed Wall Street trends and closed on a high note as inflation fears eased and investors regained an appetite for risk.
Similarly, European shares rose to record highs, aided by a rally in technology sector stocks after soothing comments from the US Federal Reserve and efforts by China to nail down commodity prices.
On the domestic front, consumer durables and IT stocks gained the most, while banking and power scrips fell the most.
The S&P BSE Sensex closed the day's trade at 50,637.53, lower by 14.37 points, or 0.03 per cent, from its previous close.
However, the Nifty50 of the National Stock Exchange ended the trade session at 15,208.45, up by just 10.75 points, or 0.07 per cent, from its previous close.
"Nifty has again run into resistance closer to 15,300 levels. Reports of a fresh stimulus package in India have raised hopes of an economic turnaround soon," said Deepak Jasani, Head of Retail Research at HDFC Securities.
"15,137-15,294 will be the trading band for the Nifty in the near term."
Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services, said: "Positive global cues, fall in pandemic cases, good quarterly results along with hopes for next set of stimulus measures were some of the positives that lifted the sentiments high."
"Technically, Nifty has to hold above 15,150 zone to witness an up move towards 15,300 then life time high of 15,431 mark, while on the downside, support exists at 15,100 and 15,000 zones."