Sensex, Nifty snap record-breaking rally amid profit booking
Sensex, Nifty snap record-breaking rally amid profit booking
Benchmark stock market indices ended Friday's trading session on a weak note, snapping their record-breaking rally over the past few sessions.
The S&P BSE Sensex fell 269.03 points to 77,209.9 points, while the NSE Nifty50 declined 90.8 points to settle at 23,476.2.
Most of the broader market indices also ended in negative territory due to profit booking.
While information technology shares gained, a decline in shares of heavyweight banking and financial services companies dented sentiments on Dalal Street.
The top five gainers on the Nifty50 were Bharti Airtel, LTIM, Hindalco, Shriram Finance and Tata Steel.
On the other hand, the top drags were Ultratech Cement, Adani Enterprises, L&T, Nestle India and Tata Motors.
 Vinod Nair, Head of Research, Geojit Financial Services, said, "The domestic market witnessed minor profit booking amid concerns over the slow progress of the monsoon, resulting in underperformance in the FMCG sector."
"The heatwave in Northern India is driving consumer durables stocks up. The global markets were subdued as weak guidance from Accenture led to profit booking in US tech stocks. Conversely, domestic IT stocks saw buying interest as market participants appeared to have factored in weaker earnings," Nair added.
"Attention is now focused on the upcoming GST meeting, where the potential rationalization of GST rates in certain sectors is under discussion," he said.
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