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Profit booking erases gains for Sensex, Nifty

| Updated: July 6, 2021 19:59

Indian equity markets closed down on Tuesday after two sessions of gains. The market managed to reach a new record high, however, profit booking in Reliance, Tech Mahindra and Tata Motors dragged the market below the previous close.

The benchmark, Sensex hit a record high of 53,129 but failed to hold on to the momentum. At close, it ended at 52,861.18, down 18.82 points. On similar lines, the broader Nifty fell 16.10 points to 15,818.25. Tech Mahindra was the top loser among the Sensex constituents, shedding 2.30 percent, followed by TCS, Maruti, Reliance Industries, Sun Pharma, Infosys and M&M.

The banking and Finance sector continued its up move in otherwise volatile trading sessions. Stronger quarterly business updates, despite the deadly second wave of Covid19 during April and May, indicated better earnings in the June quarter for the lenders. The Bank Nifty index closed up by 1.04 percent at 35,579.

In the Sensex pack, Ultratech Cement closed up by 3.22 percent, followed by HDFC Bank (2.63 percent), Bajaj Finance (2.17 percent) and Bajaj Finserv (1.42 percent). On the other hand, Tech Mahindra (2.30 percent), TCS (1.78 percent) and Maruti Suzuki (1.13) declined. The biggest company in terms of value and its weight on the index, Reliance Industries declined by 1.11 percent to Rs2105.05.

Technically, the short-term structure of the market is still bullish. However, on a daily chart, the Nifty/Sensex has formed a Gravestone Doji candlestick kind of pattern, which indicates short-term weakness,” Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said. He adds that 15870 on the Nifty is the key level to watch out for, below the same correction wave is likely to continue up to 15775-15720.

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