The benchmark Sensex retreated on Thursday morning led by profit booking in oil & gas, financial, auto and capital goods companies' shares. The market had gained 184 points yesterday on short covering. Asian markets too were trading lower.
Rajesh Jain, Independent Market Strategist is relatively bearish about the market mood. “It has not been a convincing pullback (yesterday's) because the market has failed to attract secular buyers and this is just an FII-led rally where offshore entities tend to hedge cash markets with reverse trades in F&O space,” Jain warns.
M&M, Maruti Suzuki, Infosys, HCL Tech, IDFC, Kotak Mahindra Bank, SBI, Reliance Capital, DLF, GAIL, Reliance Infrastructure, Reliance Power, BHEL, L&T and BHEL were putting pressure on the market.
However, TCS and Bajaj Auto gained more than half a percent ahead of results. Bharti Airtel too on buyers' radar.
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