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Profit booking, mixed results pull equity indices lower, metal stocks down (Roundup) - Mumbai News

Mumbai, Oct 22 (IANS) Relentless profit booking, along with mixed corporate results, subdued India's key equity indices on Friday.

Updated Oct 22, 2021 14:51 PM

Profit booking, mixed results pull equity indices lower, metal stocks down (Roundup) - Mumbai News

Besides, high valuations as well as inflationary concerns and mixed global cues dented investors' sentiments.

Initially, the two key indices -- S&P BSE Sensex and NSE Nifty50 -- had a gap-up opening. They fell later only to witness a feeble recovery.

Globally, Asian markets rose from the morning levels as beleaguered Chinese property group Evergrande made an overdue bond payment.

Similarly, European markets traded higher, helped by an easing of worries surrounding the embattled property group as well as positive corporate earnings.

On the domestic front, volumes on the NSE were the lowest in the past five days.

Amongst sectors, realty and bankex rose the most, whereas metals, IT, auto, healthcare and FMCG stocks fell.

The 30-scrip Sensex closed at 60,821.62 points, down 101.88 points, or 0.17 per cent.

It opened at 61,044.54 points from its previous close of 60,923.50 points.

Similarly, the NSE Nifty50 ended the day's trade lower, falling to 18,114.90, down 63.20 points, or 0.35 per cent.

It opened at 18,230.70 points from its previous close of 18,178.10 points.

"Advance decline ratio dipped to sharply negative from sharply positive in t he morning. Nifty ended the week with a loss of 1.22 per cent," HDFC Securities' Head of Retail Research, Deepak Jasani, said.

"On weekly charts, Nifty has formed a bearish Dark cloud cover. On falls, 17,948 could be a good support."

Motilal Oswal Financial Services' Head, Retail Research Siddhartha Khemka said: "Equity markets opened positive but after initial range bound move, again succumbed to profit booking and ended the session in red for the fourth day in a row."

"The market consolidation is likely to continue in near term given weak global cues and mixed earnings so far - affected by cost inflationary pressure and supply side issues on margin. With skyrocketing valuations, many stocks prices have moved beyond comfort zone, thus leaving very little margin of safety. On Monday, investors would react to Reliance and ICICI Bank results, along with global cues."

Geojit Financial Services' Head of Research Vinod Nair said: "Despite a strong opening owing to favourable global cues, domestic indices continued a losing streak, succumbing to profit booking and barring banks and realty stocks, all major sectors bled."

"The global market traded green as investors welcomed a surprise interest payment by China's debt-ridden major property developer. However, the Indian market is impacted by muted Q2 results, which are weak than forecasted due to high input cost."

Disclaimer: This story is auto-aggregated by a computer program and has not been created or edited by FreshersLIVE.Publisher : IANS-Media