Finally the profit booking stepped in today - the benchmark Nifty was trading well below the 5900 level on the back of sell-off in almost 40 stocks out of 50, including the major sectors like oil & gas, financials, technology, metals, realty, power and FMCG. L&T, Bharti and M&M too were down at 12 hours.
Profit booking was on the expected lines after the sharp rally in previous two weeks supported by inflow of funds from foreign investors.
Head of equities at Ambit Capital, Saurabh Mukherjea expects negative surprises on the political and earnings front globally. "Domestically too, there is some negative news expected and thus he sees the Sensex hovering at levels below 16,000 by the end of the state election season."
The 30-share BSE Sensex was trading at 19,579, down 122 points and the 50-share NSE Nifty fell 36 points to 5,872. The broader indices too erased their early trade gains.
Heavyweights like ONGC, Reliance Industries, Infosys, ICICI Bank, NTPC, Wipro, HDFC and HDFC Bank were the leading draggers
Head of equities at Ambit Capital, Saurabh Mukherjea expects negative surprises on the political and earnings front globally. "Domestically too, there is some negative news expected and thus he sees the Sensex hovering at levels below 16,000 by the end of the state election season."
The 30-share BSE Sensex was trading at 19,579, down 122 points and the 50-share NSE Nifty fell 36 points to 5,872. The broader indices too erased their early trade gains.
Heavyweights like ONGC, Reliance Industries, Infosys, ICICI Bank, NTPC, Wipro, HDFC and HDFC Bank were the leading draggers
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