News Karnataka
Thursday, December 08 2022
Business

Profit booking subdues stock markets, banking scrips fall

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Mumbai: Bouts of profit booking, along with lower inflows of foreign funds as well as selling pressure in the banking sector stocks, subdued the Indian equity markets on Wednesday.

Both the key indices S&P BSE Sensex and NSE Nifty50 — closed on a flat note.

The banking and financial sector stocks came under selling pressure during the day’s trade as the Reserve Bank’s MPC commenced its meeting to review the monetary policy.

However, a late buying spurt in index heavyweights coupled with hopes of an expedited anti-Covid vaccine roll-out globally and in India, along with expectations of a faster economic recovery arrested any sharp downturns.

Globally, Asian indices were mixed as hopes for additional US economic stimulus and a coronavirus vaccine were offsetted by some profit taking.

Similarly, European stocks pulled back slightly tracking mixed sentiment in their US and Asia-Pacific counterparts.

Back home, Nifty fell over half a per cent to intra-day low on account of profit booking in banking, tech, cement, NBFC and FMCG stocks.

The Nifty50 on the National Stock Exchange (NSE) closed flat by inching-up 4.70 points, or 0.04 per cent, to close at 13,113.75 points.

Meanwhile, the S&P BSE Sensex ended at 44,618.04 points, down 37.40 points, or 0.08 per cent, from its previous closing.

“Nifty refuses to settle lower and keeps recovering from intraday losses. At the same time it is becoming difficult for it to rise sharply from hereon,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

“Nifty is not far from the recent high of 13,146. Sector and stock rotation could continue till a major trigger takes it either way.”

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said: “Technically, Nifty formed a Doji candle on daily scale with higher highs – higher lows from the last three sessions.”

“Now, it has to continue to hold above 12,950 zones to witness an up move towards 13,250 levels while on the downside major support exists at 12,800 zones.”

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