Indian shares decline on profit booking amid earnings rush


BENGALURU: Indian stocks fell on Wednesday, weighed down by a broad decline across sectors as investors booked gains from a nearly 5% surge in the benchmark Nifty 50 in fiscal 2024, while weak global signals amid US debt ceiling negotiations weighed.
The Nifty 50 closed down 0.57% at 18,181.75, while the S&P BSE Sensex fell 0.60% to 61,560.64. Both indices extended losses for the second straight session.
Highweight financials and information technology (IT) led the Nifty’s losses, falling 0.71% and 0.97%, respectively.
“The market is seeing profit bookings, particularly from higher tier heavyweights,” said Siddhartha Khemka, director of retail research at Motilal Oswal Financial Services.
“Given the strong uptrend over the past few weeks, some consolidation may not be ruled out.”
The Nifty is up 4.74% so far this fiscal year, according to three analysts, on the back of a solid earnings season and steady buying by foreign institutional investors (FII).
Vaishali Parekh, Vice President – ​​Technical Research at Prabhuda’s Lilladherset 18,200 and 18,450 as support and resistance levels for the benchmark.
Metals stocks fell nearly 1% on concerns over a recovery in demand in China amid weak macro data from the world’s largest metals consumer and producer.
Real estate and media fell over 1% and 2% respectively, weighed down by weak earnings in key components such as; Oberoi Realty Ltd and PVR INOX Ltd.
Among individual stocks, Amber Enterprises Ltd and CrediAccess Grameen Ltd rose more than 15% and 7% respectively on strong March quarter results, while LIC Housing Finance Ltd fell 6.14% on a profit decline.
Global equities were subdued as ongoing US debt ceiling negotiations and weak macroeconomic data from China dampened risk appetite. Asian markets were subdued.

Source link


Please enter your comment!
Please enter your name here

Share post:




More like this