Profit booking subdues indices; telecom stocks down
Mumbai, December 3, 2021
Profit booking subdued India's key equity indices S&P BSE Sensex and NSE Nifty50 during Friday's post-noon trade session.
Accordingly, the recent upsurges in the market triggered a bout of profit booking.
Besides, volumes continued to be subdued.
Amongst sectors, Metals, Capital Goods have risen the most, while Telecom and Healthcare have lost the most.
At 1.30 p.m., the S&P BSE Sensex traded at 57,994.65 points, down 0.80 per cent from its previous close of 58,461 points.
Similarly, the broader 50-scrip Nifty at the National Stock Exchange (NSE) traded in the red. It was down 0.68 per cent to 17,283.95 points.
"The market now days shows cautiousness because of new omicron variant of Covid-19," said Gaurav Garg, Head of Research, CapitalVia Global Research Limited
"Some investors are still cautious about the impact Omicron could have in disrupting trade, travel and economic activity."
According to Deepak Jasani, Head of Retail Research, HDFC Securities: "Nifty gave up morning gains on December 03 and went into negative as traders booked profits post recent upmove."
"Traders awaited a key jobs report that could stoke expectations for a quicker reduction in Federal Reserve stimulus."