Sensex, Nifty slip in early trade; KPIT Tech & Persistent Systems fall up to 4%; Tanla Platforms jumps 6%
The 30-share BSE Sensex pack fell 71 points or 0.11 per cent to trade at 63,072, while the broader NSE Nifty moved 4 points or 0.02 per cent down to trade at 18,712. Mid- and small-cap shares were mixed as Nifty Midcap 100 shed 0.02 per cent and small-cap rose 0.17 per cent.
- Jun 14, 2023,
- Updated Jun 14, 2023 12:32 PM IST
Indian equity benchmarks traded lower in early deals on Wednesday despite strong global cues. The domestic indices were dragged by financials and technology stocks. The 30-share BSE Sensex pack fell 71 points or 0.11 per cent to trade at 63,072, while the broader NSE Nifty moved 4 points or 0.02 per cent down to trade at 18,712. Mid- and small-cap shares were mixed as Nifty Midcap 100 shed 0.02 per cent and small-cap rose 0.17 per cent.
"Some profit booking at high levels will be a good idea at this juncture. Chasing this rising market at high valuations will be risky," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On the global front, Asian markets edged higher ahead of the US Federal Reserve policy decision, scheduled to be released post-market hours today. Overnight, Wall Street equities closed higher, with the Nasdaq and S&P 500 hitting fresh one-year highs.
Back home, Foreign institutional investors (FIIs) bought Rs 1,678 crore worth of Indian equities on a net basis on Tuesday, while domestic investors sold Rs 203 crore of shares, as per provisional NSE data.
Nine out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. Sub-indexes Nifty Financial Services and Nifty IT were underperforming the NSE platform by falling as much as 0.22 per cent and 0.65 per cent, respectively.
On the stock-specific front, Bharti Airtel was the top loser in the Nifty pack as the stock cracked 0.92 per cent to trade at Rs 826.65. IndusInd Bank, Bajaj Finserv, Cipla and Infosys fell up to 0.91 per cent.
In contrast, JSW Steel, Hindalco, Tata Steel, PowerGrid and Tata Consumer Products were among the top gainers.
The overall market breadth was positive as 1,838 shares were advancing while 871 were declining on BSE
On the 30-share BSE index, Infosys, Airtel, L&T, Hindustan Unilever (HUL), ICICI Bank and Bajaj Finance were among the top laggards.
Also, KPIT Tech, Persistent Systems and Tata Teleservices tanked up to 3.71 per cent. On the other hand, Tanla Platforms and KEC International climbed up to 5.60 per cent.
Sensex had jumped 418 points, or 0.67 per cent, to settle at 63,143.16 yesterday, while Nifty had gained 115 points, or 0.62 per cent, to end the session at 18,716.15.
Nifty outlook
"Last few days' consolidation as well as the slow pace of ascent may have acted as a bear trap. This should give more legs to the up move, which now threatens to breach the record peak at 18,887, with 19,000-19,070 also eyed in the next sprint. But the key play today and tomorrow would be about protecting downsides in the event of rejection trades. Towards this end, we will begin with 18,690 or 18,600 as the downside markers," said Anand James, Chief Market Strategist at Geojit Financial Services.
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Indian equity benchmarks traded lower in early deals on Wednesday despite strong global cues. The domestic indices were dragged by financials and technology stocks. The 30-share BSE Sensex pack fell 71 points or 0.11 per cent to trade at 63,072, while the broader NSE Nifty moved 4 points or 0.02 per cent down to trade at 18,712. Mid- and small-cap shares were mixed as Nifty Midcap 100 shed 0.02 per cent and small-cap rose 0.17 per cent.
"Some profit booking at high levels will be a good idea at this juncture. Chasing this rising market at high valuations will be risky," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
On the global front, Asian markets edged higher ahead of the US Federal Reserve policy decision, scheduled to be released post-market hours today. Overnight, Wall Street equities closed higher, with the Nasdaq and S&P 500 hitting fresh one-year highs.
Back home, Foreign institutional investors (FIIs) bought Rs 1,678 crore worth of Indian equities on a net basis on Tuesday, while domestic investors sold Rs 203 crore of shares, as per provisional NSE data.
Nine out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. Sub-indexes Nifty Financial Services and Nifty IT were underperforming the NSE platform by falling as much as 0.22 per cent and 0.65 per cent, respectively.
On the stock-specific front, Bharti Airtel was the top loser in the Nifty pack as the stock cracked 0.92 per cent to trade at Rs 826.65. IndusInd Bank, Bajaj Finserv, Cipla and Infosys fell up to 0.91 per cent.
In contrast, JSW Steel, Hindalco, Tata Steel, PowerGrid and Tata Consumer Products were among the top gainers.
The overall market breadth was positive as 1,838 shares were advancing while 871 were declining on BSE
On the 30-share BSE index, Infosys, Airtel, L&T, Hindustan Unilever (HUL), ICICI Bank and Bajaj Finance were among the top laggards.
Also, KPIT Tech, Persistent Systems and Tata Teleservices tanked up to 3.71 per cent. On the other hand, Tanla Platforms and KEC International climbed up to 5.60 per cent.
Sensex had jumped 418 points, or 0.67 per cent, to settle at 63,143.16 yesterday, while Nifty had gained 115 points, or 0.62 per cent, to end the session at 18,716.15.
Nifty outlook
"Last few days' consolidation as well as the slow pace of ascent may have acted as a bear trap. This should give more legs to the up move, which now threatens to breach the record peak at 18,887, with 19,000-19,070 also eyed in the next sprint. But the key play today and tomorrow would be about protecting downsides in the event of rejection trades. Towards this end, we will begin with 18,690 or 18,600 as the downside markers," said Anand James, Chief Market Strategist at Geojit Financial Services.
Also read: Vodafone Idea share price jumps 10% on reports of Rs 14,000 crore equity infusion plan
Also read: Adani group stocks in focus on reports of $3.8 billion debt refinancing
Also Watch: Hyundai Creta, Kia Seltos, Tata Nexon, and other best SUVs under Rs 15 lakh