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Profit booking subdues equities, banking stocks drag
Mumbai, February 10, 2021
Profit booking dragged India's benchmark equity indices mildly lower for the second consecutive session on Wednesday.
However, positive global cues and healthy FII inflows arrested any major downfall.
Globally, shares rose to new all-time highs overnight and European indices strengthened, with market sentiment generally upbeat on the prospect of fiscal stimulus and vaccine rollouts.
On the domestic side, brisk-buying in the last hour of trade helped equity markets end flat.
Among sectors, realty, auto and pharma indices did well, while banks fell.
The S&P BSE Sensex closed at 51,309.39, lower by 19.69 points, or 0.04 per cent, from its previous close.
The NSE Nifty50 also slipped. It ended the day's trade at 15,106.50, lower by 2.80 points, or 0.02 per cent, from its previous close.
"One day up-one day down phenomenon makes it tough to anticipate the near term trend," said Deepak Jasani, Head of Retail Research at HDFC Securities.
"Advance decline ratio has now become almost equal suggesting equality in bull and bear pressures. 15,168-15,257 band could provide resistance to the Nifty while 14,950-14,977 could be the support band."
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said: "In the near term, the market would actively track key macro data like IIP, CPI and WPI data along with global cues."
Geojit Financial Services Head of Research Vinod Nair said: "The market witnessed a slip in its momentum during a volatile day as losses in banking stocks weighed on the sentiment."
"Auto, realty and consumer stocks remained firm along with mid and smallcap indices outperforming. US markets remained positive, supported by upbeat quarterly earnings while the trend was followed by most of the global peers."