1 week ago
Indian Equities Slide as Profit-Taking Weighs on Key Sectors
Indian stock markets fell on Wednesday after investors sold some shares to lock in earlier gains.
The Sensex and Nifty both ended lower.
Technology, consumer-goods, automobile and consumer-durable companies were among the weaker areas.
Shares of Infosys, Bharti Airtel, Reliance Industries and Tech Mahindra declined.
Some banks, UltraTech Cement and Tata Steel gained.
Lower oil prices provided some support to the market.
Brent crude became cheaper as investors expected less tension around the Strait of Hormuz.
Foreign investors were still net buyers on Tuesday.
The BSE Sensex fell 183.15 points, or 0.24%, to 77,472.94.
The NSE Nifty declined 126.80 points, or 0.52%, to 24,207.75.
Profit-taking pressured IT, FMCG, auto and consumer-durable stocks.
Infosys, Bharti Airtel, Reliance Industries and Tech Mahindra were among the major laggards.
Brent crude fell 2.96% to USD 85.96 per barrel, while FIIs bought Rs 1,593.53 crore of equities on Tuesday.
- Who
- Indian equity-market investors and companies listed on the BSE and NSE.
- What
- The Sensex and Nifty declined as profit-taking weighed on several major sectors.
- Where
- Indian equity markets.
- When
- Wednesday; foreign institutional investor purchases cited in the report occurred on Tuesday.
- Why
- Profit-taking in IT, FMCG, auto and consumer-durable stocks outweighed support from lower crude prices and positive global markets.
Key facts
- Sensex close
- 77,472.94, down 183.15 points or 0.24%
- Nifty close
- 24,207.75, down 126.80 points or 0.52%
- Brent crude
- USD 85.96 per barrel, down 2.96%
- Major weak sectors
- IT, FMCG, auto and consumer durables
- Major laggards
- Infosys, Bharti Airtel, Larsen & Toubro, Power Grid, Tech Mahindra, NTPC, Mahindra & Mahindra and Reliance Industries
- Stocks among the gainers
- Kotak Mahindra Bank, UltraTech Cement, Axis Bank and Tata Steel
- FII activity
- Foreign institutional investors bought equities worth Rs 1,593.53 crore on Tuesday
Quotes
Ponmudi R
CEO of Enrich Money, an online trading and wealth technology firm
“Indian equity markets ended marginally lower on Wednesday as early gains gave way to profit-taking, with weakness in IT, FMCG, auto and consumer-durable stocks offsetting support from lower crude oil prices and a broadly constructive global backdrop,”
rediff.com
Vikram Kasat
Chief Business Officer for Advisory and Dealing at PL Capital
“The fall in crude oil prices, owing to expectations of reduced tensions in the Strait of Hormuz region, helped, whereas underperforming sectors such as IT, FMCG, and consumer durables weighed down the market,”
rediff.com
Sources
Related news
Indian Equities End Lower as Banks Outperform Amid Sector Weakness
Indian Stocks Fall as IT Shares and Reliance Weigh
Indian equities extend losing streak to fifth day
Sensex Sinks 493 Points, Nifty Ends Below 24,200
Sensex, Nifty Down as Crude Tops $90 Amid US-Iran Tensions
Saudi Arabia Says Iranian Tanker Attack Killed Two Sailors
U.S.-Iran Exchange Escalates Across Middle East, Markets Slide
Trump Aides Seek Quiet Iran War Before Midterm Elections
US Warns Middle East Travelers Amid Escalating Iran-Linked Tensions
Indian Stocks Slide as Oil, Conflict and Yields Rise
