Nifty, Sensex start the day in red as markets see short term profit booking

Indian equity markets have stated the day in red today. At 9:40 a.m. IST, Nifty 50 is down by 67.75 points or 0.26%. Sensex is down by 185.59 points or 0.22%. Markets are seeing some profit booking after the gains of Friday. Those gains followed the monetary policy decision of RBI to cut down interest rate by 25 basis points or 0.25%.

Market-wide declines

All the broad market indices are in red at this time. The decline at this time is therefore broad-based. Among sectoral indices, Nifty Realty index is the top loser at NSE at this time. It is down by 1.61%. Realty stocks had gained on Friday after RBI rate cut. They are seeing short term profit booking today. All the sectoral indices, except for Nifty MidSmall Financial Services index, are in red at this time.

Top gainers and losers

Top 3 gainers at Nifty 50 at this time are HDFC Life, Tech Mahindra and Wipro. Some IT stocks continue to gain as the rupee remains under pressure against the dollar. Top 3 losers at Nifty 50 at this time are Indigo, BEL and Bajaj Finance.

Indigo shares are down by 3.95% at this time. The government has asked Indigo to cut down the number of its daily flights by 300 till February. It has asked other airline companies to increase their number of flights.  Bajaj Finance shares are seeing profit booking today. They are down by 1.89% at this time.

Market breadth is sharply negative

Market breadth is sharply negative at this time. At NSE, 786 stocks are gaining. 2009 stocks are declining. That is an advance-to-decline ratio of just 0.39. 36 stocks have touched 52-week high by this time at NSE. 219 stocks have touched 52-week low by this time today.

Disclaimer : This content is only for informational purpose. It does not make any recommendation to act or invest.

Source: NSE