Market snaps 2-day gains, selling in banking, metal and IT
At close, the Sensex was down 426.85 points or 0.53% at 79,942.18, and the Nifty was down 126 points or 0.51% at 24,340.85.
The Indian stock market continued its bull run on Wednesday with the BSE Sensex climbing to a fresh record high.
The Sensex has touched an all-time high of 56,188.49 points.
Healthy buying was witnessed in IT and oil and gas stocks.
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Around 10.05 a.m., Sensex was trading at 56,128.53, higher by 169.55 points or 0.30 percent from its previous close of 55,958.98.
The Nifty50 on the National Stock Exchange was trading at 16,683.80, higher by 59.20 points or 0.36 percent from its previous close.
Manish Hathiramani, technical analyst with Deen Dayal Investments said: “The markets are trading well above the 16,600 level which is a positive sign. We should scale higher to levels closer to 16,800-16,850.”
“Dips or intra-day corrections can be considered as buying opportunities. 16,400 is good support for the index and as long as that holds, there is no threat to the current trend,” he added.
The top gainers on the Sensex were TCS, HCL Technologies, and Nestle India, while the major losers were Titan Company, Bajaj Finserv, and Sun Pharmaceuticals.
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