Investors on Wednesday resorted to profit booking after a record run, ending the three-session winning streak of the benchmark indices. The 30-share BSE Sensex ended almost 695 points lower, with investor wealth taking a hit of Rs 2,24,978.33 crore.
However, despite the sharp fall, the sentiment remains upbeat.
Market mavens are of the view that stocks will continue their upward momentum on expectations of a turnaround in the economy. The key indices have been scaling fresh highs recently on the back of better-than-expected corporate results, strong portfolio flows and encouraging Covid-19 vaccine trials.
In Wednesday’s trading, while the Sensex opened in the green at 44749.73 and touched a day’s high of 44825.37, profit booking saw the gauge ending 694.92 points, or 1.56 per cent, lower at 43828.10.
Consequently, the market capitalisation of BSE-listed companies declined Rs 2,24,978.33 crore to stand at Rs 1,72,56,942.95 crore.
On the NSE, the broader Nifty ended at 12858.40 — a fall of 196.75 points, or 1.51 per cent, after hitting an intra-day high of 13145.85.
“The market rally which was led by developments on vaccine and FPI inflows came to a halt on Wednesday because of profit booking across sectors in the second half of the trading session,” said Vinod Nair, head of research at Geojit Financial Services.
