Sensex, Nifty Snap Three-Day Gaining Streak; PSU Banks Outperform
Closing Bell: Profit Booking At Higher Levels
Indian equity markets ended near the lowest point of the day after profit booking at higher levels dragged them lower from fresh record highs.
The S&P BSE Sensex ended 1.6% lower at 43,828 while the NSE Nifty 50 index fell nearly 300 points from its record high to end below the 13,000 mark. The50-stock gauge fell 1.5% to close at 12,858. Both benchmark indices snapped a three-day gaining streak. 43 out of the 50 Nifty stocks ended with losses.
All sectoral indices ended lower with the exception of the PSU Bank index which ended off the day's high, but with gains of 1.7%.
Among the rest of the indices that fell, the Nifty Realty was the top laggard, ending 2.5% lower. The Nifty Pharma index fell 2% while the Nifty I.T. and Nifty Auto indices fell over 1.5% each.
The Nifty Bank index fell close to 550 points in today's session, ending with cuts of 1.8%.
Broader markets too declined in today's session. The Nifty Midcap index fell 1.6% while the Smallcap index ended with losses of 0.9%
The India Volatility Index is witnessing its longest winning streak in five months. The index gained for the fifth straight day, ending 10% higher at 23.14.
1,196 stocks on the NSE ended with losses while 652 stocks reported gains.