1 day ago
Indian Markets Stay Weak as Profit Booking Continues
Indian share prices fell because some investors sold shares to lock in profits.
The Sensex, a major market measure, dropped 307 points.
Some banking shares still attracted buyers.
Media and metal shares fell more sharply, by more than 2.5 percent.
The market went below the 76,600 level after opening weakly.
It recovered some of its losses later in the day.
An analyst said the market may remain weak in the short term.
If it rises above 76,600, it could move toward 77,300-77,500.
If it falls below 76,600, it could decline toward 76,300-76,000.
The Sensex fell 307 points as investors continued booking profits at higher levels.
Selective banking stocks attracted buying interest, while media and metal indices dropped more than 2.5%.
The market opened weak and slipped below the 76,600 level before recovering some losses later in the session.
Kotak Securities’ Shrikant Chouhan said the short-term market outlook remains weak.
A move above 76,600 could trigger a pullback toward 77,300-77,500, while a break below it could push the market toward 76,300-76,000.
- Who
- Indian market participants and Shrikant Chouhan, Head of Equity Research at Kotak Securities.
- What
- Benchmark indices declined, with the Sensex losing 307 points, amid continued profit booking.
- Where
- Mumbai.
- When
- Why
- Investors continued booking profits at higher levels, while media and metal stocks faced sharp corrections.
Key facts
- Sensex movement
- Down 307 points
- Key support level
- 76,600
- Potential upside
- 77,300-77,500 if the market trades above 76,600
- Potential downside
- 76,300-76,000 if the market falls below 76,600
- Strongest sector activity
- Selective buying in banking stocks
- Sharpest sector declines
- Media and metal indices, down more than 2.5%
- Market outlook
- Weak in the short term, according to Shrikant Chouhan
Quotes
Shrikant Chouhan
Head of Equity Research at Kotak Securities
“We believe that the short-term market outlook remains weak, but if the market manages to trade above 76,600, then we could see a quick technical pullback from the current levels”
thehansindia.com
Sources
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