Mumbai: Indian equity indices closed in the red on Friday as profit booking was higher.
Intraday, Sensex and Nifty made a new all-time high of 85,978 and 26,277 respectively.
At closing, the Sensex was down 264 points, or 0.31 percent, at 85,571, and the Nifty was down 37 points, or 0.14 percent, at 26,178.
Banking stocks led the market decline. The Nifty Bank fell 541 points, or one percent, to 53,834.
In the Sensex pack, Sun Pharma, Reliance, Titan, HCL Tech, Bajaj Finserv, Asian Paints, NTPC, IndusInd Bank, Tata Steel, Maruti Suzuki, Infosys, TCS, SBI, M&M and ITC were the top gainers. Power Grid, ICICI Bank, Bharti Airtel, HDFC Bank, Kotak Mahindra Bank, L&T, UltraTech Cement, HUL, JSW Steel and Axis Bank were the top losers.
Police in Maharashtra to Identify Burial Place for Deceased Badlapur Rape Accused
Selling was also seen in mid-and small-cap stocks. The Nifty Midcap 100 index was down 88 points, or 0.15 percent, at 60,381, and the Nifty Smallcap 100 index was down 19 points, or 0.10 percent, at 19,242.
Among the sectoral indices, Auto, IT, PSU Bank, pharma, metal and energy were major gainers. Fin Service, FMCG, realty, media, and private bank were major laggards.
Rupak De, Senior Technical Analyst at LKP Securities, said: “The Nifty took a breather after a few days of continuous gains. The sentiment remains strong as the index stays above important moving averages. This strength will likely persist as long as it remains above 25,900.”
“A fresh rally round may begin above 26,300 on the higher end. If the Nifty moves above 26,300, it could rise to 26,600,” De added.
Another expert said, “Metals stocks saw a resurgence, while the Pharmaceutical and IT sectors saw an uptick due to weakness in INR. Meanwhile, investors are looking forward to the Q2 earnings report, anticipating an improvement in the earnings outlook.”
For more updates Subscribe to Media Eye News
–IANS
Infographics : Pinaki Paul
