Key benchmark indices Sensex and Nifty declined in early trade on Wednesday as profit booking emerged in banking and economic stocks soon after a stellar 5-day rally.
The 30-share BSE Sensex had opened larger by .10 per cent but failed to hold onto gains in early trade and declined by 102.99 points or .22 per cent to 47,510.09.
The broad primarily based Nifty was down by 27.45 points or .2 per cent at 13,905.15 with 31 of its constituents trading in the red. The 50-share index had opened larger by 10.75 points at 13,943.35.
Banking stocks like State Bank of India, IndusInd Bank, Axis Bank and ICICI Bank have been amongst important losers amongst Sensex stocks. Besides, HDFC, Reliance, Bharti Airtel, Larsen & Toubro and Sun Pharma also dropped due to profit booking.
Sensex and Nifty had scaled fresh record highs on Tuesday, extending their bull run for the fifth straight session on the back of gains in banking and IT stocks.
Foreign institutional investors have been net purchasers in the capital industry as they bought shares worth Rs 2,349.53 crore on a net basis on Tuesday, according to provisional exchange information.
Asian shares have been mixed soon after a lacklustre day on Wall Street. The S&P 500 lost .2 per cent on Tuesday, a day soon after President Donald Trump signed the USD 900 billion financial relief package.
Japan’s Nikkei 225 fell .6 per cent a day soon after it surged more than 2 per cent to its highest level in more than 30 years. Hong Kong rose by 1.2 per cent even though the Shanghai Composite index sophisticated .7 per cent and South Korea’s Kospi added .6 per cent.