Saturday, 18th May, 2024
Saturday, 18th May, 2024

Sensex, Nifty retreat on profit booking after record rally

Key benchmark indices Sensex and Nifty
declined in early trade on Wednesday as profit booking emerged in banking and
financial stocks after a stellar five-day rally.

The 30-share BSE Sensex had opened higher by 0.10 per cent but failed to
hold onto gains in early trade and declined by 102.99 points or 0.22 per cent
to 47,510.09. The broad based Nifty was down by 27.45 points or 0.2 per cent
at 13,905.15 with 31 of its constituents trading in the red. The 50-share
index had opened higher by 10.75 points at 13,943.35.

Banking stocks like State Bank of India, IndusInd Bank, Axis Bank and ICICI
Bank were among major losers among Sensex stocks. Besides, HDFC, Reliance,
Bharti Airtel, Larsen & Toubro and Sun Pharma also dropped due to profit

Sensex and Nifty had scaled fresh record highs on Tuesday, extending their
bull run for the fifth straight session on the back of gains in banking and
IT stocks.

Foreign institutional investors were net buyers in the capital market as
they purchased shares worth Rs 2,349.53 crore on a net basis on Tuesday,
according to provisional exchange data.

Asian shares were mixed after a lacklustre day on Wall Street. The S&P 500
lost 0.2 per cent on Tuesday, a day after President Donald Trump signed the
USD 900 billion economic relief package.

Japan’s Nikkei 225 fell 0.6 per cent a day after it surged more than 2 per
cent to its highest level in more than 30 years. Hong Kong rose by 1.2 per
cent while the Shanghai Composite index advanced 0.7 per cent and South
Korea’s Kospi added 0.6 per cent.

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