Sensex, Nifty decline amid weak global cues

PTI Mumbai | Updated on July 08, 2021

A man looks at a screen displaying news of markets update inside the Bombay Stock Exchange (BSE) building in Mumbai (file photo)   -  REUTERS

Profit-booking at higher levels is leading to bouts of correction in the market, say experts

Equity benchmarks Sensex and Nifty started on a choppy note on Thursday amid a negative trend in Asian peers.

At 1.45 pm, the 30-share BSE index was trading 335.57 points or 0.62 per cent lowerat 52,719.30, while the broader NSE Nifty declined 110.45 points or 0.70 per cent lower to 15,769.70.

Gainers, losers

Bajaj Auto was the top gainer in the Sensex pack, rising nearly 2 per cent, followed by Tech Mahindra, NTPC, IndusInd Bank, PowerGrid, M&M and HCL Tech.

On the other hand, UltraTech Cement, HUL, Sun Pharma and Nestle India were among the laggards.

In the previous session, Sensex climbed 193.58 points or 0.37 per cent to close at its fresh lifetime high of 53,054.76, and Nifty rose 61.40 points or 0.39 per cent to its record 15,879.65.

Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 532.94 crore on Wednesday, as per provisional exchange data.

Domestic equities do not look to be inspiring as of now. Notably, visible improvement in business momentum with ease of business curbs by states started offering comfort, said Binod Modi Head-Strategy at Reliance Securities.

However, profit-booking at higher levels is leading to bouts of correction in the market, traders said.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading in the red in mid-session deals.

US equities ended on a positive note in the overnight session.

Meanwhile, international oil benchmark Brent crude advanced 0.01 per cent to $73.44 per barrel.

Published on July 08, 2021

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