Noida, Aug 26 (APAC Media): Benchmark equity indices BSE Sensex and NSE Nifty pared their early gains on Wednesday, with the Sensex falling nearly 402 points from the day’s high as investors turned cautious and booked profits at higher levels.
The 30-share BSE Sensex, which had climbed 330 points in early trade, slipped to 77,600.39, down 55.81 points, around 1:25 pm. The NSE Nifty50 was trading at 24,259.90, lower by 74.65 points.
The market opened on a positive note following gains in the previous session. The Sensex touched an intraday high of 77,986.94, while the Nifty rose to 24,378.60. However, the indices failed to sustain the momentum as selling emerged at higher levels.
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Analysts attributed the reversal to profit booking and resistance around the 24,400 level on the Nifty. The index’s inability to decisively move above the key resistance zone prompted investors to trim positions.
Sectoral weakness also weighed on the benchmarks. Information technology stocks were among the major drags, with Infosys, Tech Mahindra and Tata Consultancy Services falling as much as 1.5%.
Consumer durable stocks also remained under pressure. Crompton Greaves Consumer Electricals and Dixon Technologies were among the notable losers in the segment.
Investors were also cautious ahead of key global cues. US equity futures were trading lower, with Nasdaq futures down around 0.2%, while market participants awaited Nvidia’s quarterly results for further indications on global technology sentiment.
On Tuesday, the Sensex had gained 286.98 points, or 0.37%, to close at 77,656.09, while the Nifty advanced 115.50 points, or 0.48%, to 24,334.55.
Market participants are now closely watching the 24,400 level on the Nifty. Sustained buying above this mark could support the recovery, while continued profit booking may keep the indices volatile in the near term.
–ENDS–
Disclaimer:Â This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
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