Indian shares fall on profit booking amid results rush. Indian markets dipped on Wednesday as investors booked profits after a 5% surge in the benchmark Nifty 50 in fiscal 2024 and weak global cues amid U.S. debt ceiling tensions.
The S&P BSE Sensex (.BSESN) declined 0.16% to 61,834.03, and the Nifty 50 (.NSEI) fell 0.14% to 18,260.35 at 9:48 a.m. IST.
Eight of the 13 key sectors indices fell, with high-weightage financials (.NIFTYFIN) and IT (.NIFTYIT) down 0.3% and 0.6%, respectively.
“The market is witnessing profit booking, especially in heavyweights from higher levels,” said Motilal Oswal Financial Services head of retail research Siddhartha Khemka.
“The sharp up-move in the last few weeks suggests some consolidation.”
After a five-month high on Monday, the Nifty 50 dipped 0.61% on Tuesday. However, three analysts said a strong results season and FII buying helped the index increase 5.34% this fiscal year.
Prabhudas Lilladher’s vice president-technical research, Vaishali Parekh, set the benchmark’s support and resistance at 18,200 and 18,450.
China’s dismal macroeconomic statistics raised concerns about demand recovery in metal stocks (.NIFTYMET), which fell 0.5%.
On solid March-quarter results, Amber Enterprises Ltd (AMBE.NS) and CrediAccess Grameen Ltd (CRDE.NS) rose over 13% and 7%, respectively, while LIC Housing Finance Ltd (LICH.NS) and Redington Ltd (REDI.NS) fell.
Wall Street fell overnight due to debt ceiling negotiations and disappointing results. Asian markets slumped.
