Indices snap 3-day rally on profit-booking in blue-chip shares
Banking, FMCG, and IT shares fell due to profit-taking while energy, realty, and metal shares emerged as gainers
Indices snap 3-day rally on profit-booking in blue-chip shares
The Indian equity market witnessed profit-booking after a sustained multi-session rally, driven by anticipation of the FED entering an easing cycle. Positive developments in US-India trade negotiations and improved global liquidity conditions continued to offer a cushion to investor sentiment -Vinod Nair, Head-Research, Geojit Investments Ltd
Mumbai: Snapping its three-day gaining streak, benchmark BSE Sensex declined by 387 points on Friday due to profit-taking in blue-chip shares HDFC Bank and ICICI Bank even as Adani group shares rallied after a favourable Sebi order.
The 30-share BSE Sensex tanked 387.73 points or 0.47 per cent to settle at 82,626.23. During the day, it dropped 528.04 points or 0.63 per cent to 82,485.92. The 50-share NSE Nifty declined 96.55 points or 0.38 per cent to 25,327.05.
Banking, FMCG, and IT shares fell due to profit-taking while energy, realty, and metal shares emerged as gainers. Among Sensex firms, HCL Tech, ICICI Bank, Titan, Trent, Kotak Mahindra Bank, Hindustan Unilever, Mahindra & Mahindra and HDFC Bank were the major laggards. However, Adani Ports, Bharti Airtel, SBI, NTPC and Sun Pharma were among the gainers.
All Adani group stocks, including Adani Power, Adani Total Gas, Adani Green Energy, Adani Enterprises and Adani Energy Solutions rallied up to 13 per cent after markets regulator Sebi cleared billionaire Gautam Adani and his group of stock manipulation allegations made by US short-seller Hindenburg Research. Sebi probe found that fund transfer between group companies did not fall foul of any regulation.
“The Indian equity market witnessed profit-booking after a sustained multi-session rally, driven by anticipation of the FED entering an easing cycle.
Positive developments in US-India trade negotiations and improved global liquidity conditions continued to offer a cushion to investor sentiment,” Vinod Nair, Head of Research, Geojit Investments Limited, said.
The BSE smallcap gauge went up by 0.16 per cent while midcap index dipped 0.09 per cent. Among sectoral indices, consumer durables dropped 0.52 per cent, financial services (0.42 per cent), FMCG (0.39 per cent), BSE Focused IT (0.39 per cent), IT (0.30 per cent) and auto (0.27 per cent). Utilities jumped 1.56 per cent, power (1.30 per cent), oil & gas (0.67 per cent), realty (0.46 per cent) and telecommunication (0.40 per cent).
