Profit-booking after four consecutive trading sessions of closing in the green saw the Nifty and the Sensex shed over 0.7 per cent despite a repo rate cut of 25 basis points by the RBI.

The Nifty closed 74 points down (0.82 per cent) at 8,923 while the Sensex closed 213 points down (0.72 per cent) at 29,381. The Sensex also touched an all-time intra-day high of 30,024.74 on Wednesday.

Arun Kejriwal, Founder, KRIS Research, said, “It is a classic case of ‘buy on rumour and sell on news’. Today’s session had all ingredients — good news in the form of rate cut, a new intra-day high and the key factor for reversal of trend - high volume.”

Raghu Kumar, co-Founder, RKSV, said, “However, at around 2 pm, it became clear that the markets were hesitant on the complete implications of the repo rate cut on future market conditions and the markets continued trending sideways. Traders booked their profits and the Sensex fell a staggering 600 points from its day high.”

FIIs were net buyers of equities worth ₹2,786 crore and did a turnover of close to ₹12,500 crore. DIIs also bought net equities worth ₹17 crore while retail investors on the BSE offloaded net equities worth ₹1,970 crore with a turnover of close to ₹6,100 crore, higher than the DII turnover of ₹5,261 crore.

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