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Sensex slips over 400 points on profit-booking; Nifty trading below 18,300

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According to market experts, investors are booking profits at every peak.

New Delhi: Equity indices remained volatile on Wednesday amid profit-booking by investors. The benchmark BSE Sensex fell 410 points, or 0.66 per cent, to 61,306 in late deals; And the broader NSE Nifty fell 131 points, or 0.71 per cent, to 18,288.

Major laggards in the BSE pack included Titan, Hindustan Unilever, PowerGrid, Bajaj Finserv, Mahindra & Mahindra, Kotak Mahindra Bank and Bajaj Auto, with their shares falling as much as 2.32 per cent.

Bharti Airtel, SBI, Axis Bank, Bajaj Finance, Tech Mahindra and ICICI Bank were trading with a gain of 3.90 per cent.

On the NSE platform, the sub-indices of Nifty FMCG (Fast Moving Consumer Goods) and Nifty Metal were trading with a fall of 1.67 per cent. Nifty PSU Bank pushed up the index up to 1.77 per cent during late deals.

According to market experts, investors are booking profits at every peak, which is increasing the volatility in the market.

Analysts also said that investors were waiting for corporate views during the September quarter earnings as higher commodity costs and raw material expenses are expected to hurt the margins of the companies, even if they are followed by an increase in profit.

Consumer giant Hindustan Unilever fell 2.5 per cent to Rs 2,484 as it warned that margins could remain under pressure in the short term due to rise in commodity prices.

Meanwhile, foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 505.79 crore on Tuesday, according to exchange data.

On the commodity trading front, Kolkata bullion market will remain closed today on account of ‘Lakshmi Puja’.

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