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Key indices in red for 3rd session
Sensex gyrates 502pts, ends flat; Profit booking continues amid uncertainty
Extending the falling streak to the third day in a row, benchmark BSE Sensex declined by 220 points in volatile trade on Tuesday due to profit-taking in power, oil and capital goods shares ahead of results of Lok Sabha polls. After gyrating between gains and losses during the day, the 30-share BSE Sensex ended 220.05 points or 0.29 per cent lower at 75,170.45. During the day, it hit a high of 75,585.40 and a low of 75,083.22. NSE Nifty dropped 44.30 points or 0.19 per cent to settle at 22,888.15 despite beginning the day on a positive note.
“The Indian market exhibited mild consolidation post the recent sharp surge. The uncertainty-led volatility is likely to continue as the market approaches the election outcome,” said Vinod Nair, head (research), Geojit Financial Services.
Analysts said mid- and small-caps underperformed, while defensive sectors like pharma and FMCG were optimistic. “Nifty ended lower for third day in a row on Tuesday. Nervousness ahead of the election results is on the rise as is evident from the poor advance-decline ratio and falling volumes,” said Deepak Jasani, head (retail research), HDFC Securities.
“The Nifty lost 44 points to close at 22,888. It started on a positive note in today’s trading session but couldn’t sustain at higher levels and there was marginal profit-booking which was witnessed in the first half. The second half was quite range-bound and lacklustre as the Nifty traded in a 40 to 50-point narrow band after a flattish start, however, marginal selling was witnessed during the last hour of the trading session. It was clearly a day of consolidation,” said Tejas Shah, technical research, JM Financial & BlinkX.
