Blue-chip IT firms came under selling pressure and profit-taking after last week’s sharp rally.
The Sensex and Nifty declined in early trade on Monday as blue-chip IT firms came under selling pressure and profit-taking after the recent sharp rally in equities.
The 30-share BSE Sensex fell 93.95 points and the 50-share NSE Nifty dipped 30 points in early trade. HCL Tech, Infosys, Power Grid, Bharti Airtel, UltraTech Cement and Tata Consultancy Services were among the major laggards in Sensex, while State Bank of India, HDFC Bank, ICICI Bank and InterGlobe Aviation were the top gainers.
Last week, the BSE benchmark soared 6,568.49 points, or 8.82 per cent, and the Nifty jumped 1,977.25 points, or 8.57 per cent.
“After a sharp weekly advance and a subdued Muhurat trading session, the market enters the new week facing a key test of momentum, with investors likely to weigh the scope for further gains against the prospect of near-term profit-taking,” said Ponmudi R, CEO of Enrich Money, an online trading and wealth-tech firm.
Brent crude traded 0.16 per cent lower at USD 98.16 per barrel.
The Sensex and Nifty ended marginally lower in Sunday’s special Diwali Muhurat session, as investors booked profits after a seven-day rally.
Source: The New Indian Express
