Nifty sees profit booking after hitting fresh record high
Nifty witnessed profit booking after hitting a fresh record high of 22,783 on Tuesday.
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said that the index closed with a loss of 39 points at 22,605 levels. Volatility index continued to rise amid the Nifty Bank monthly F&O expiry and the US Fed meeting outcome.
Majority of the sectors ended in red. Auto and Realty were top gainers today up more than 1 per cent each. The auto index hit an all-time high of 22,634 and gained momentum on the expectation of strong April Volume data. Nifty Bank too touched a lifetime high, he said.
Markets will remain shut on Wednesday on the occasion of Labour Day.
On Thursday, markets would react to the US Fed policy decision and US Consumer confidence data. Investors look ahead to the US Federal Reserve's outlook on rate cuts, he said.
"Overall we expect the market to continue its positive momentum supported by healthy DIIs and retail buying and ongoing Q4 results season," he said.
Neeraj Sharma, AVP Technical and Derivatives Research at Asit C. Mehta Investment Intermediates, said that domestic benchmark indices opened higher on Tuesday, driven by positive global cues.
Due to strong buying interest, the Nifty registered a fresh all-time high of 22,783.35 but following that, there was a significant amount of profit booking, and the index ended the day lower at 22,605 points.
