Mkts back in red on profit booking

Mumbai: Benchmark Sensex declined by 195 points, while Nifty slipped below the 22,400 level on Tuesday, snapping the four-day gaining streak due to losses in IT and FMCG shares amid weak global trends and foreign fund outflows. Taking a breather after a record-breaking rally, the 30-share BSE Sensex declined by 195.16 points or 0.26 per cent to settle at 73,677.13 due to profit taking. During the day, the barometer tanked 460.04 points or 0.62 per cent to a low of 73,412.25. The broader Nifty declined by 49.30 points or 0.22 per cent to close at 22,356.30. Sensex and Nifty closed at lifetime high levels on Monday after a four-day winning run, which saw the indices rising by around two per cent.

“The domestic market experienced range-bound movement post hitting new record high in the preceding day, influenced by cautious trend in global peers ahead of the Fed Chair’s congressional testimony and key US jobs data. The absence of significant stimulus measures from China further dampened sentiment,” said Vinod Nair, head (research) at Geojit Financial Services. “Markets traded volatile amid mixed cues and ended with a modest cut. After the flat start, Nifty drifted lower in the first half, however, a sharp recovery in the select heavyweights; especially from the banking pack trimmed the losses,” added Ajit Mishra, SV-P (technical research) at Religare Broking Ltd.