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10/07/24 | 5:06 pm

Sensex, Nifty fall as investors book profit

Indian benchmark indices declined on Wednesday, erasing the previous session’s gains. The Sensex fell 426.87 points, or 0.53%, to 79,924.77, while the Nifty shed 108.70 points, or 0.44%, to end at 24,324.50.

A majority of the NSE sectoral indices traded in the red.

“Markets fluctuated sharply and ended up losing nearly half a percent, wiping out the gains from Tuesday’s session. After a flat start, Nifty plunged sharply in the early hours, but a recovery in select heavyweights helped pare some losses as the day progressed,” said Ajit Mishra, SVP of Research at Religare Broking.

“The intraday slide in the index has slightly dented sentiment, but resilience in certain pockets limited the damage.”

Vinod Nair, Head of Research at Geojit Financial Services, said: “The market experienced profit booking ahead of the upcoming earnings season. The expectations are muted given moderation in sales growth due to slowdown in the world economy and consolidation in margins driven by high inflation.”

“Broader indices lagged large caps and FMCG sector, which are expected to drive momentum going ahead due to stable business outlook,” Nair added.

Both the Sensex and Nifty have cumulatively accumulated 11-12% returns so far in 2024-25. Strong buying by both foreign and domestic institutional buyers has also been supporting the stock markets.

(With ANI input)

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