Business

Indian Equity Indices Witness Red Amid Profit Booking

Indian equity markets closed in the red on Wednesday, as profit booking dominated sentiments across the broader market. The benchmark indices ended lower, reflecting cautious investor behavior ahead of the upcoming earnings season.

At closing, the Sensex settled at 79,924, marking a decline of 426 points or 0.53 percent.

Similarly, the Nifty closed at 24,324, down 108 points or 0.45 percent from the previous session.

The Nifty Smallcap 100 index recorded a sharper decline, falling 167 points or 0.88 percent to 18,789, while the Nifty Midcap 100 index closed at 56,921, down 156 points or 0.27 percent.

Market experts attributed the downturn to profit booking pressures amid moderated sales growth expectations, influenced by global economic slowdown and margin pressures exacerbated by high inflation.

Sector-wise, Auto, IT, PSU banks, financial services, metals, and media sectors were among the top losers.

In contrast, Pharma, Energy, and FMCG sectors emerged as the top gainers during the trading session.

Within the Sensex, Asian Paints, Power Grid, NTPC, Bharti Airtel, and Sun Pharma were among the gainers, whereas M&M, Tata Steel, TCS, HCL Tech, SBI, and Wipro faced notable losses.

Rupak De, Senior Technical Analyst at LKP Securities, commented on the market performance, noting, “The bears maintained control as the index saw a significant decline of over 100 points after a prolonged bullish trend. Heavy call writing and unwinding of put positions ahead of the weekly expiry indicate potential correction. Immediate support is seen around 24,270, with further downside likely towards 24,100-24,000 if the current levels are breached.”

Investors are now keenly watching upcoming corporate earnings reports for insights into the economic recovery trajectory and market stability amid ongoing global uncertainties.

Also Read: Telecom Industry Urges Tax Relief In Budget To Boost Sector Growth

Mankrit Kaur

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