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Sensex, Nifty inch down on profit booking

Selling in banking, metal stocks; Sun Pharma, IndusInd Bank, Dr Reddy’s, Bajaj Finserv and Reliance Industries restricted Sensex losses; Mkt expected to remain flat ahead of New Year holiday as many global markets will remain shut in next few days

Markets open on a negative note

Markets open on a negative note

Choppy Session Ahead of F&O Expiry

- BSE Sensex dropped by 90.99 pts to 57,806.49

- 19 of Sensex constituents declined

- NSE Nifty slipped by 19.65 pts to 17,213.60

- 31 of Nifty pack in the red

- PVR shares fell 1.98% as Delhi govt imposed ban on cinema halls

Mumbai: Benchmark indices Sensex and Nifty retreated from over one-week highs to close lower on Wednesday due to profit booking in banking, IT and metal stocks amid weak global trends.

After a two-day rally, the 30-share BSE Sensex dropped by 90.99 points or 0.16 per cent to settle at 57,806.49 in volatile trade. As many as 19 of its constituents declined while 11 advanced.

The broader Nifty slipped by 19.65 points or 0.11 per cent to close at 17,213.60 with 31 of its stocks ending in the red.

Markets were choppy throughout the session ahead of the F&O expiry and a weak trend in global markets, experts said.

"Market traded flat today and closed in negative. In the past two trading days, the market witnessed positive momentum on the back of short covering ahead of the December F&O expiry. However, the market is expected to remain flat in the next two trading days ahead of the New Year holiday as many global markets will remain shut in the next few days," said Arijit Malakar, head (research-retail) of Ashika Stock Broking.

VK Vijayakumar, chief investment strategist at Geojit Financial Services, said: "PVR shares declined by 1.98 per cent due to the ban by the Delhi government on cinema halls. There are two divergent trends in the governments' and market's response to the Omicron variant. Governments, globally, are responding with caution and imposing some restrictions. In India too Maharashtra and Delhi have imposed some restrictions in the context of rising cases. But the markets have responded to the Omicron variant assuming that this marks the last phase of the pandemic."

Vinod Nair, head (research) at Geojit Financial Services, adds: "Outweighing weak sentiments in most sectors, the pharma sector aided the domestic market to close on a flat note with a positive bias. Emergency Use Authorization of Covid vaccines Corbevax and Covovax along with the clearance of anti-viral drug Molnupiravir for restricted use, has boosted the appetite for most pharma stocks. FIIs were net buyers for the first time this month which helped the market."

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