Sensex marginally down 36 points on profit booking, Nifty stable

The Uncut

Mumbai. The BSE Sensex closed with a slight decline of 36.22 points on Monday due to profit booking by investors after the recent rise. NSE Nifty also closed almost stable. In the absence of any concrete indication, investors kept away from the market. The sentiment of the domestic stock market was also affected by the weak trend in other Asian markets. The BSE Sensex based on 30 shares had a weak start. In the end, it closed at 79,960.38 points with a slight decline of 36.22 points or 0.05 percent. At one time during trading, it had gone down to 264.77 points.

National Stock Exchange’s Nifty also closed at 24,320.55 points with a nominal decline of 3.30 points i.e. 0.01 percent.
Among the Sensex stocks, Titan, Adani Ports, Tata Steel, JSW Steel, UltraTech Cement, Asian Paints, Mahindra & Mahindra and Bajaj Finserv were the main losers. On the other hand, ITC, Hindustan Unilever, Nestle, HCL Technologies and Tata Motors were in the green.

Vinod Nair, Head of Research, Geojit Financial Services, said, “The market is in a phase of correction as there are no concrete signs to support the current high valuation. Due to this, investors booked some profits. Quarterly results of companies are about to come and the expectations regarding this are also low.” The BSE Smallcap index, representing the shares of small companies, fell by 0.22 percent while the index of shares of mid-sized companies fell by 0.14 percent.

Prashant Tapase, Senior Vice President (Research), Mehta Equities Ltd. said, “In the absence of any concrete indication, the market remained in a limited range during the day’s trading and closed with a slight decline due to profit booking in bank, telecom and realty stocks. The weak trend in other Asian markets also affected the sentiment. Due to high valuation of stocks, investors may adopt a cautious stance for some time.” In other Asian markets, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng were in loss.

Trading in major European markets remained in the positive zone. US markets were in profit on Friday. Global oil benchmark Brent crude fell 0.97 percent to $85.70 per barrel. According to stock market data, foreign institutional investors bought shares worth Rs 1,241.33 crore on Friday. In a volatile trading session, the NSE Nifty closed at a new peak of 24,323.85 points with a gain of 21.70 points on Friday. However, the Sensex closed at 79,996.60 points with a decline of 53.07 points or 0.07 percent.

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