D-Street Ends Flat Mainly Due To Profit Booking

Profit booking in the afternoon trade led the indices to close in the red after a positive opening session on Tuesday, September 7. Major IT and Pharma stocks saw some profit booking which dragged the indices lower.

At close, the BSE Sensex was down 17.43 points at 58,279.48 with 12 advances and 18 declines. Shares of Sun Pharma, Tech Mahindra, Axis Bank, and HCL Tech were the top losers in the 30-share pack as the counters declined over a per cent each, mainly due to profit booking. However, on the flipside, HDFC and Bharti Airtel were the top performers surging over two per cent each.

Similarly, the Nifty-50 index also closed lower by 15.70 points at 17,362.10. Experts were of a view that overall market outlook continues to remain strong and today's session was just a healthy profit booking that occurs after a sharp rally. Moving further, the Nifty index is expected to move up till 17,500 as the index has managed to close above 17,300 levels.

"On the technical front, the market is witnessing a continuous positive trend and it has sustained well above 17,300-350 levels and we believe this up move will extend till 17500 level in the short term," said Mohit Nigam of Hem Securities.

The broader markets also mirrored the performance of the benchmark indices as both BSE Midcap and Smallcap indices closed lower by 57 and 116 points, respectively. Shares of Adani Power were the loser in the Midcap space, declining over five per cent, while Bank of India and Oberoi Realty shed more than three per cent each.

Among the sectors, barring FMCG and Financials, all other sectors saw selling in the afternoon session on Tuesday, turning the overall sentiment negative for the day. Realty stocks saw major selling resulting in the Nifty Realty falling over two per cent, while the IT and Public Banks declined over a per cent each.

In the overall market breadth today, around 1296 shares advanced, 1810 shares declined, and 137 shares were unchanged.