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Home » IANS » Profit booking, return of Covid norms drag markets lower, realty stocks plunge (Roundup)

Profit booking, return of Covid norms drag markets lower, realty stocks plunge (Roundup)

By IANS
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Mumbai, Nov 25 (IANS) Reimposition of certain travel restrictions in few states along with investors’ disappointment over the ambiguity surrounding the Covid-19 vaccine’s availability in the domestic market dragged key the Indian equity markets lower on Wednesday.

The three-sessions long gaining streak of both the S&P BSE Sensex and the NSE Nifty50 came to grinding halt as investors booked profits.

Analysts cited panicked selling on the economic repercussions that reimposition of some norms to curb Covid-19 infections might have.

Besides, the domestic indices mimicked their overseas counterparts as heavy selling was witnessed in Asian and European markets as well.

NSE Nifty50 suffered two bouts of selling pressure which were in line with the selling spree in Asian and European markets.

However, volumes on the NSE were in line with those of the previous session.

Among sectors, PSU Bank index ended in green, while realty, banks, telecom, pharma, IT and auto indices were main losers.

The Nifty50 on the National Stock Exchange (NSE) lost 196.75 points, or 1.51 per cent, to close at 12,858.40 points.

Similarly, the S&P BSE Sensex ended at 43,828.10 points — down 694.92 points, or 1.56 per cent — from its previous closing.

“Global Markets paused for breath after opening steady after yesterday’s global ‘melt-up,’,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

“Markets may struggle to rise from here ahead of tomorrow’s Thanksgiving holiday in the US and Guru Nanak Jayanti holiday in India on Monday, with a further uplift in month-end selling pressure now expected.”

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said: “Indian equity market snapped its three days gaining streak to end in loss, despite touching new record high in the morning session.”

“Domestic markets too witnessed profit booking after Nifty touching a new intraday high of 13,146 in the morning trade. Investors took a pause as Nifty has rallied 12 per cent in the month so far led by positive developments related to the vaccine and best ever FII monthly inflows (Rs55,000 cr).”

Vinod Nair, Head of Research at Geojit Financial Services said: “The market rally which was led by developments on vaccine and FPI inflows came to a halt today due to profit booking across sectors in the second half of the trading session, while western markets continued its positivity, being encouraged by news on vaccine developments and ease in the US political risk. We can expect profit booking to continue in our domestic market, in the short-term, as the liquidity driven rally can take a pause having reached all-time high on a monthly basis.”

“This money was triggered by the overwhelming result of the US election unleashing high amounts of funds which was put on-hold. FIIs can take a breather and check for the next phase of policies in the US and Europe for 2021.”

–IANS

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(This story has not been edited by Newsd staff and is auto-generated from a syndicated feed.)
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