Profit bookings drags equity indices lower
Mumbai, November 9, 2021
Profit bookings along with subdued global cues dragged India's key equity indices -- S&P BSE Sensex and NSE Nifty50 -- in the red during Tuesday's late-trade session.
Initially, markets opened on a flat note and remained range bound for the session with a minor negative bias.
Globally, world stock markets remained subdued at high levels post the passage of Infrastructure bill in the US.
On the domestic front, volumes on the NSE were in line with the recent averages while advance decline ratio was positive.
Among sectors, Capital Goods, Auto, Telecom and Oil & Gas indices have done well while Metals and Banks have fallen the most.
Consequently, around 3.12 p.m., the 30-scrip Sensex traded at 60,432.76 points, down 112.85 points or 0.19 per cent.
Similarly, the NSE Nifty50 traded on a lower note. It fell to 18,044.80 points, down by 23.75 points or 0.13 per cent.
"Nifty could ultimately end the day in the negative after minor up and down moves from now," said Deepak Jasani, Head of Retail Research, HDFC Securities.
According to Gaurav Garg, Head of Research CapitalVia Global Research: "Indian equity benchmarks continued to trade lower as selling appeared in Metal, FMCG and consumer durables names with Sensex and Nifty losing 130 and 25 points respectively."
"Our research suggests that 18,000 will remain an immediate support level for the short period. We can expect the market to trade in the range of 18,000-18,250."